Crypto crash causes division along party lines as Democrats turn on Trump
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Democrats are publicly celebrating the crypto crash, drawing accusations of partisan insensitivity after Bitcoin fell to $60k and investors lost billions. The Democratic Party’s tweet featured a chart showing Bitcoin’s slide alongside an image of President Donald Trump wearing a MAGA hat. This has triggered immediate backlash from executives, lawyers, and government advisors who said the message dismissed widespread financial pain affecting investors across party lines. There are stupid tweets then there is this. This is tops. The best thing Trump has going for him is the incompetence of Democrats on this topic. https://t.co/1Tq0mriKQT — Anthony Scaramucci (@Scaramucci) February 5, 2026 Anthony Scaramucci replied, saying, “There are stupid tweets, then there is this. This is tops. The best thing Trump has going for him is the incompetence of Democrats on this topic.” Partisan tensions around crypto intensify The controversial social media activity followed Bitcoin’s drop to $65,729, down 33.1% from a year earlier. At the same time, the crypto market saw some $2.6 billion in liquidations, with $2.13 billion coming from long positions. Bitcoin led liquidations with $1.35 billion, including $1.1 billion from long positions, while Ethereum saw $443 million in long positions liquidated. The Democrats’ post followed a tweet from California Governor Gavin Newsom’s press office, which stated that Trump is crashing the crypto markets faster than he’d crash an Epstein party, further inflaming partisan tensions around crypto. Senator Elizabeth Warren has repeatedly warned about Trump’s conflicts of interest in the crypto industry. She noted that the family has amassed over $1.2 billion in crypto gains since his second term began. She is also opposing proposals to allow crypto in 401(k) retirement plans. Recently, Newsom launched a website tracking what he called Trump’s “criminal cronies.” He highlighted pardoned crypto figures, including Binance founder Changpeng Zhao and Silk Road creator…
Filed under: News - @ February 6, 2026 6:26 pm