Bitcoin's Slide: Price Dips to $103K as Memecoins Suffer Amid Trump-Musk Clash

Bitcoin dropped on Friday as traders took profits amid ongoing market uncertainty triggered by worries over U.S. trade and an unsettled economy. The cryptocurrency, now trading at around $103,950, retraced some gains earlier in the day as it hit a low near $101,127.

Memecoins, particularly those linked to President Trump and Elon Musk, were hit hard by an escalating public spat between the two. Coins like $TRUMP and Dogecoin saw steep declines, with $TRUMP falling by more than 10% and Dogecoin sliding by 6.3%.

The broader crypto market echoed Bitcoin’s downturn, as risk appetite faded following a Wall Street sell-off that was partly sparked by the high-profile feud. Many traders are now cautious ahead of key nonfarm payrolls data later today, which is expected to show a continued cooling of the U.S. labor market.

Bitcoin is on track for a weekly loss of about 1.6%, marking its second straight week in the red after reaching near-record highs of almost $112,000 in mid-May. Recent on-chain data from Glassnode reveal that an increasing number of holders are cashing in profits as uncertainty persists and gains are locked in.