Bitget Daily Digest (June 6) Musk and Trump’s clash causes market turbulence; Circle stock surges 160% on IPO debut

Bitget

News

远山洞见2025/06/06 01:46

By:远山洞见

📅 Today's Preview

1.U.S. May Unemployment Rate to be released today — previous: 4.20%

2.U.S. Nonfarm Payrolls (seasonally adjusted) for May due today — previous: 177k

3.Gnosis Chain: xDAI bridge will switch to USDS as the default token on Ethereum, effective June 8

🌍 Macro & Hot Topics

1.Musk vs. Trump — major political fallout shakes markets On June 6, Elon Musk and Donald Trump clashed directly on X. Musk accused Trump of involvement in the Epstein case and criticized his "beautiful bill" as a deficit disaster. Trump hit back, announcing the cancellation of EV mandates and proposed ending federal subsidies to Musk's companies, claiming it could save hundreds of billions. He promoted a fiscal bill to cut $1.6T in spending and enact massive tax reductions. The feud has sparked unrest within the Republican Party.

2.Circle IPO triggers circuit breakers twice; stablecoin market forecast to grow 10x Circle Internet Financial raised nearly $1.1B in its IPO, with shares opening up 186%, triggering two circuit breakers. The firm joins Coinbase, Riot, and Marathon among listed crypto companies in the U.S. With expected stablecoin legislation in the works this summer, analysts foresee a tenfold expansion in the stablecoin market, potentially unlocking a trillion-dollar opportunity.

3.Trump family issues cease-and-desist over $ TRUMP Wallet World Liberty Financial has issued a cease-and-desist letter to Fight Fight Fight, opposing its collaboration with Magic Eden to launch a "$TRUMP Wallet." Both parties are racing to develop Trump-themed crypto wallets. Since launch, the $TRUMP memecoin has generated over $300M in revenue. Trump's son has denied any association with the wallet.

4.U.S. GOP senators seek to include crypto tax reform in fiscal bill Senator Cynthia Lummis is advocating for crypto tax regulations in the GOP's budget bill. Proposals include applying wash-sale rules to crypto and exempting BTC miners from declaring gains/losses, potentially generating billions in revenue.

📉 Market Overview

1.BTC flash crashes, briefly dipping near $100K; $981M liquidated in 24h, mostly longs. Memecoins like $RFC and $FARTCOIN showed relative strength.

2.S&P 500 breaks 3-day win streak, Nasdaq drops 0.8%, Tesla plunges 14%. Silver hits 13-year high, copper reaches 2-month high.

Bitget Daily Digest (June 6) Musk and Trump’s clash causes market turbulence; Circle stock surges 160% on IPO debut image 1

3.Bitget BTC/USDT liquidation heatmap:

At ~$101,323:

If BTC drops to $99,323: $201M in long positions risk liquidation

If BTC rises to $103,323: $368M in short positions at risk

→ Shorts are more vulnerable; use leverage cautiously.

4.BTC spot flows:

Inflows: $30.7B

Outflows: $36.9B

Net: -$6.2B

Bitget Daily Digest (June 6) Musk and Trump’s clash causes market turbulence; Circle stock surges 160% on IPO debut image 3

5.Net contract outflows in the last 24h led by $ETH, $BTC, $SOL, $BNB, and $XRP — potential trading signals.

Bitget Daily Digest (June 6) Musk and Trump’s clash causes market turbulence; Circle stock surges 160% on IPO debut image 4

🧠 Institutional Insights

Greeks.live: Largest crypto options block trade ever recorded, bullish on Q3 BTC Source
Galaxy Digital Q1 Report: Leverage shifting from CeFi to DeFi, but risks remain Source
Trend Research: Bullish on ETH; bought 61,000 ETH call options on Deribit Source

📰 News Headlines

Musk: Trump appears in Epstein's files
Trump: "Disappointed" in Musk, “I can win PA without him”
Trump: No end in sight for Russia-Ukraine war
Japan reiterates push for U.S. tariff relief
U.S. jobless claims hit 247k last week, above expectations

🔧 Project Updates

Plume Genesis mainnet live; $PLUME token launched
Truth Social files Bitcoin ETF S-1
Pump.fun: 83.4% of creators earned < $1,000 in revenue shares
Sui x VARA: Partnership to expand Web3 innovation in the Middle East
WLFi files legal complaint over $TRUMP Wallet
HyperLiquid's vault TVL grew by $250M in 2 months
Merlin Chain offers 45% APY fixed staking; Top 1,000 addresses eligible for 200% bonus
Ethereum weekly active addresses reach all-time high
Origin Protocol will distribute 100% protocol revenue to $OGN stakers
Wormhole now supports native SOL bridging to Avalanche

🔥 Trending on X

1. Phyrex: "Circle IPO, Musk vs Trump, and US-China calls — a chaotic night for crypto." BTC dropped below $100K, but long-term holders show rationality. Support at $93K–98K remains strong, though political drama and NFP data may pressure short-term sentiment. Source

2. Cato_CryptoM: "Stablecoin laws won’t save US debt — they’re a regulatory trap cloaked in compliance." Dollarization of crypto may bring temporary prosperity but poses long-term risks to decentralization. Source

3. AoYing Capital: "Musk vs Trump = Doge short logic confirmed." DOGE, tied to Musk's influence, became the emotional outlet amid political tension. This power shift between two crypto figureheads highlights DOGE’s role in sentiment trading. Source

4. Crypto_Painter: "Solana's stablecoin flywheel: turn 1 $SOL into 2 $SOL with USV & JitoSOL." Using staking, minting, and leverage mechanisms via Convergent, SOL ecosystem gains a compounding DeFi loop. Backed by Pyth, $CVGT may be a hidden gem. Source

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops

Lock your assets and earn 10%+ APR

Lock now!

Bitget Daily Digest (June 6) Musk and Trump’s clash causes market turbulence; Circle stock surges 160% on IPO debut

📅 Today's Preview

🌍 Macro & Hot Topics

📉 Market Overview

🧠 Institutional Insights

📰 News Headlines

🔧 Project Updates

🔥 Trending on X

You may also like

Trending news

Crypto prices