The Hong Kong Special Administrative Region Government announced that it will start implementing its landmark Stablecoin Ordinance in August this year. According to the official notice, the region&#8217;s stablecoin regulations will come into effect starting on August 1, 2025. Once…

Hong Kong’s new stablecoin regulations will come into effect in August 2025

Dogecoin took a hard hit this week as tensions flared between Elon Musk and US 
President Donald Trump. Prices slid sharply, and red numbers dominated the 
market. Traders who had been riding the hype found themselves on the losing 
end. It was a week many will remember for how politics and memes intersected 
in unexpected ways. Related Reading: $500M Bet On Solana: Education Platform 
Aims To Supercharge Its Treasury Musk And Trump Clash According to public 
posts, Elon Musk officially left the Department of Government Efficiency 
(DOGE) on Thursday. That move came after he criticized Trump’s spending bill. 
He had been co-leading that department since late 2024. Their back-and-forth 
heated up after Trump said he was “very disappointed” in Musk. 🚨TRUMP: &#8220;I&#8217;m 
very disappointed with Elon. I&#8217;ve helped him a lot. He knew the inner workings 
of the bill better than anybody sitting here. He had no problem with it. All 
of a sudden he had a problem &amp; he only developed the problem when he found out 
we&#8217;re going to cut EV mandate&#8221; pic.twitter.com/aeCcmCAODQ — DogeDesigner 
(@cb_doge) June 5, 2025 In response, Musk claimed Trump would not have won the 
election without his support. Then Trump called Musk “CRAZY” and threatened to 
cancel Tesla and SpaceX contracts. Musk fired back on X with, “Go ahead, make 
my day.” He even warned he might decommission SpaceX’s Dragon spacecraft. Musk 
Mentions Epstein Documents Based on posts on X, Musk also said that files 
about Jeffrey Epstein’s case have stayed secret because Trump’s name appears 
in them. That claim added another layer to the feud. It wasn’t just about 
spending anymore. Now there was an allegation tying the US President to sealed 
Epstein investigations. Trump replied that he would pull any contracts with 
Musk’s companies. Time to drop the really big bomb:@realDonaldTrump is in the 
Epstein files. That is the real reason they have not been made public. Have a 
nice day, DJT! — Elon Musk (@elonmusk) June 5, 2025 Dogecoin Price Plunge 
Based on reports, Dogecoin fell about 11% on Thursday alone. Over the past 
week, it was down 16% from its recent highs. Traders pointed to Musk’s 
political exit as a key factor. Many still see Dogecoin as “the people’s 
crypto” because of Musk’s early support. But without his backing in that 
government role, sentiment soured quickly. It’s a coin that has no real asset 
behind it, so any shift in hype can send prices tumbling. A drop of this size 
is rare, yet it felt inevitable once the Musk-Trump feud spilled into public 
view. Tesla Shares Slide Elon Musk’s companies did not escape the fallout. 
Tesla stock closed down 13% on Thursday. That tumble came after Trump signaled 
he would pull federal contracts from any company owned by Musk. Investors 
feared lost revenue and stiffer regulatory oversight. Tesla shares had been 
riding high this year, but angry tweets from Trump were enough to shake 
confidence. Even a short phrase on X can move markets—especially when it 
involves a figure as polarizing as Trump or Musk. Related Reading: Bitcoin 
Reserve Gets Military Nod, Senator Predicts Explosive 10-Year Surge Crypto 
Market Liquidations Meanwhile, the broader crypto market also felt a jolt. 
According to Coinglass data, total liquidations reached $982 million in a 
single day. Of that, long liquidations—bets on rising prices—totaled $881 
million. Short positions, or bets expecting prices to fall, saw losses of $100 
million. That level of liquidation is striking, and it showed how quickly 
nerves can fray when big personalities clash. Bitcoin and many altcoins slid 
alongside Dogecoin, creating a chain reaction of forced sell-offs. Featured 
image from Allison Robbert and Saul Loeb/AFP, chart from TradingView

Musk Exits DOGE, Clashes With Trump—Dogecoin Gets Caught In The Crossfire

Bitcoin ETFs reversed course with a sharp $278 million net outflow, driven by 
exits from seven major funds. Meanwhile, ether ETFs extended their green run 
to 14 straight days, netting a $11.26 million inflow. Bitcoin ETFs Slide With 
$278 Million Outflow But Ether ETFs Hold Strong With $11 Million Inflow 
Investor sentiment wavered again as […]

Ether ETFs Push Green Streak to 14 Days as Outflows Return to Bitcoin ETFs

Wall Street finished ended the week on a strong note as a better-than-expected 
U.S. jobs report boosted investor confidence. The Dow Jones Industrial Average 
surged 443 points (1.05%) to lead Friday&#8217;s gains among major indices.The S&amp;P 
500 advanced 1.03%, closing…

Dow Jones jumps 443 points on strong labor data

ETF issuers say abandoning the long-held first-to-file method stifles 
innovation and rewards lazy behavior on the part of filers.

ETF issuers pen letter urging SEC return to ‘first-to-file’ approvals

Digital asset industry advocates supported congressional candidates in 
Florida’s special elections in April, and now New Jersey prepares to elect its 
next governor.