Key Takeaways
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Macroeconomic Environment: A high-level U.S.-China call briefly lifted risk market sentiment, but was soon overshadowed by a public feud between Donald Trump and Elon Musk over a tax reform plan. Their clash caused market turbulence. Tesla stock experienced its largest single-day drop in history, while Trump’s media company shares also plummeted, dragging down the S&P 500 and Nasdaq indices. Risk aversion pushed U.S. Treasury yields higher across the board, and gold prices surged to over $3,400.
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Crypto Market: Macroeconomic news dominated sentiment in the crypto space, with Bitcoin mirroring the movements of U.S. stock indices. The market grew increasingly volatile due to events like the U.S.-China call and the Trump-Musk fallout. Bitcoin fell below $101,000, closing down 3.04%, and fear intensified across the market. ETH/BTC also declined in line with the broader market. Bitcoin dominance rose by 0.61%, with altcoins broadly under pressure.
- Today's Outlook: U.S. May Non-Farm Payrolls and May Unemployment Rate. U.S. SEC Crypto Task Force to hold public roundtable on "DeFi and the American Spirit"
Main Asset Changes
| Index | Value | % Change |
| S&P 500 | 5,939.29 | -0.53% |
| NASDAQ | 19,298.45 | -0.83% |
| BTC | 101,509.10 | -3.04% |
| ETH | 2,414.17 | -7.41% |
Crypto Fear & Greed Index: 45 (down from 57 in the past 24 hours), classified as "Fear"
Macro Economy
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European Central Bank cuts interest rates by 25bps as expected
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Trump: Doesn't believe Russia and Ukraine will reach a peace agreement
Industry Highlights
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U.S. Senate Republicans push to include cryptocurrencies in tax and spending legislation
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Elon Musk mocked Trump using a 2013 tweet in which Trump criticized raising the debt ceiling. Trump responded: "Very disappointed in Musk. I can win Pennsylvania without him. We had a good relationship; not sure if we still do." Musk replied: "Without me, Trump loses the election. Ungrateful guy. Go ahead, cut EV subsidies. There's no such thing as 'big and beautiful' legislation." Trump: "Musk is totally crazy. Cut his subsidies to save money." Musk escalated tensions by posting: "Time to drop the real bombshell — Trump’s name is in the Epstein files. That’s why they remain sealed." Trump: "Don’t care if Musk opposes me. If the bill doesn’t pass, taxes will rise 68%." Musk also liked a post suggesting Trump should be impeached.
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Stablecoin issuer Circle closes first U.S. IPO day with 168% gain
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Bitcoin mining company Bitmine announces $18 million public offering to purchase BTC
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Visa plans to launch a stablecoin payment card in Asia-Pacific using regulated infrastructure
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Truth Social files S-1 registration for a Bitcoin ETF
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WLFI sends cease-and-desist letter to FIGHT FIGHT FIGHT LLC over "TRUMP Wallet" project
Project Highlights
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Hot Tokens: FARTCOIN, BMT, RFC
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LA: Surged 40% after listing on Korean exchanges Upbit and Bithumb
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FARTCOIN: Added to Coinbase’s roadmap for upcoming listings
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DOGE: Fell over 9% amid worsening tensions between Musk and Trump
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