US stocks closed lower yesterday (6/5), despite progress in US-China trade negotiations, as US President Trump and Tesla CEO Musk engaged in a heated verbal battle. Tesla (TSLA) stock plummeted 14%, putting pressure on the index. Bitcoin dropped from 105K to a low of 100,372 dollars, while Ethereum fell to 2,400 dollars, dragging down cryptocurrency-related stocks. Stablecoin giant Circle officially went public yesterday (6/5), surging 168% on its first day.
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ToggleXi and Trump Hotline Finally Connected, US and China to Restart Trade Negotiations
According to CNBC reporting, US President Trump and Chinese President Xi Jinping finally spoke on the phone on Thursday, agreeing that US and Chinese officials will soon hold talks to negotiate the ongoing trade war.
Trump stated that he had a "very good" 90-minute call with Xi Jinping, which was "almost entirely" focused on trade issues.
He said that Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and US Trade Representative Jamieson Greer will represent the United States in the restarted trade negotiations.
Trump and Musk Break Apart, Tesla Plunges 14%
Tesla's stock price plummeted 14% on Thursday as US President Trump and Tesla CEO Elon Musk engaged in a heated verbal battle. The two, who had recently praised each other at the White House, are now at odds due to disagreements over Trump's latest budget bill. Trump angrily criticized Musk as "crazy" on the Truth Social platform and hinted at terminating billion-dollar federal government contracts with Musk's companies, causing Tesla's stock to drop 14% in a single day. Trump Media and Technology Group (DJT) also fell 8%.
Bitcoin Drops to 101K, Circle Goes Public
Bitcoin dropped from 105K to a low of 100,372 dollars, while Ethereum fell to 2,400 dollars, dragging down cryptocurrency-related stocks. Coinbase dropped 5%, and MicroStrategy dropped 2%.
US stablecoin giant Circle officially went public yesterday (6/5), with an initial price of $31 per share. Opening at $69.5, the stock rose to $103.75, with its hot debut injecting a cryptocurrency stimulus into the US IPO market and potentially encouraging more digital asset companies to go public.
(Circle Goes Public, Surging 168% on First Day - Will It Trigger a Crypto IPO Wave?)
Risk Warning
Cryptocurrency investment carries high risk, and prices may fluctuate dramatically. You may lose all of your principal. Please carefully assess the risks.
