Financial markets are in chaos, with Donald Trump attributing the crash to Kamala Harris and the Biden administration.
Over $2 trillion vanished from traditional markets within the first trading hour, and the crypto sector is experiencing extreme turbulence reminiscent of 2021.
Online brokerages like Charles Schwab, Fidelity, and Vanguard faced technical issues, impacting thousands of users. Bitcoin has dropped over 16%, and Ether has seen its sharpest decline since 2021.
Massive sell-offs have resulted in the liquidation of 305,759 traders, amounting to $1.22 billion, dragging Bitcoin below $50,000.
On Truth Social, Trump blamed the market collapse on Harris and Biden, claiming their inept leadership caused the crisis. He presented voters with a stark choice: return to “Trump prosperity” or face the “Kamala Crash” and a potential Great Depression in 2024, along with the threat of World War III.
As tensions rise in the Middle East, fears of a larger conflict are spreading on social media, with frequent advisories contributing to global market instability. Traders are grappling with an atmosphere of escalating uncertainty and rumors of war.
The first week of July brings several important developments in the United States that could influence both traditional markets and the cryptocurrency sector.
Ric Edelman, one of the most influential voices in personal finance, has radically revised his stance on crypto allocation. After years of cautious optimism, he now believes that digital assets deserve a far larger share in investment portfolios than ever before.
In the case involving Terraform Labs and its co-founder Do Hyeong Kwon, the defense has asked the Federal Court for the Southern District of New York to extend the deadline for pretrial filings by two weeks, pushing it beyond the original date of July 1, 2025.
Coinbase has emerged as the best-performing stock in the S&P 500 for June, climbing 43% amid a surge of bullish momentum driven by regulatory clarity, product innovation, and deeper institutional interest in crypto.