BofA’s Hartnett says concentrated U.S. stock returns are likely to persist
Investing.com-- Bitcoin fell on Friday, extending recent declines as a trend of profit-taking in crypto markets showed few signs of slowing amid heightened uncertainty over U.S. trade and the economy.
Memecoins associated with President Donald Trump and billionaire Elon Musk clocked outsized losses amid an escalating public feud between the two. $TRUMP and Dogecoin led this trend.
The world’s largest crypto fell 0.5% to $103,950.7 by 09:24 ET (14:24 GMT), having earlier fallen as low as $101,127.6. Broader crypto markets also largely fell in tandem with Bitcoin.
Risk appetite was rattled by a selldown on Wall Street, which in turn was triggered partially by the Trump-Musk feud.
Traders also remained largely on edge before key nonfarm payrolls data due later in the day, which is expected to show sustained cooling in the U.S. labor market.
Memecoins dented by Trump-Musk feud
Memecoins associated with Trump and Musk– specifically Dogecoin and $TRUMP– clocked steep losses on Thursday and Friday as the two engaged in a bitter feud on social media.
Musk’s criticism of a sweeping tax cut and spending bill backed by Trump appeared to be at the locus of the feud, with Musk keeping up his rhetoric against the bill after calling it a “pork-filled… abomination.”
Trump on the other hand threatened to cut government contracts to Musk’s companies, especially SpaceX, while also questioning Musk’s character, calling him “crazy.”
Memecoins, which move largely based on sentiment, tumbled as the feud worsened. $TRUMP slumped over 10% on Friday, while Dogecoin was trading down 6.3%.
Bitcoin heads for weekly losses amid sustained profit-taking
Bitcoin was set to lose 1.6% this week, its second straight week of losses as the crypto faced extended profit-taking after recent record highs. Bitcoin hit a peak of nearly $112,000 in mid-May.
But the crypto has turned largely rangebound since its recent peak, as heightened economic uncertainty pushed traders to cash out recent gains.
Recent on-chain data from analysis firm Glassnode also highlighted a growing trend of profit-taking among Bitcoin holders.
Crypto price today: altcoins retreat
Broader crypto prices also fell amid persistent risk aversion. World no.2 crypto Ether fell 4.2% to $2,480.15, while XRP fell 1.8% to $2.1605.
Cardano fell nearly 2.4%, while Solana is now positive after being down around 2.9% earlier in the session. Polygon shed nearly 4%.