Crypto industry leaders criticized the Democratic Party after its official X account posted a “yikes” message alongside a graphic mocking recent market losses. The backlash occurred as Bitcoin fell 8% to around $65,700, triggering over $2.6 billion in liquidations. Executives warned the partisan post was insensitive to investors across party lines and could alienate crypto voters ahead of midterm elections.
Crypto industry leaders rebuked Democrats on Friday after the party’s official X account posted “yikes” alongside a graphic mocking crypto market losses. The message featured a chart of Bitcoin’s decline next to an image of former President Donald Trump.
The post drew immediate backlash as Bitcoin dropped 8.1% and the market saw over $2.6 billion in liquidations. Custodia Bank CEO Caitlin Long replied, “The sad thing about this tweet is that you’re gloating in a lot of Democrats’ painful financial losses right now.”
Patrick Witt, Executive Director of the President’s Council of Advisors for Digital Assets, responded that it was not the message to send before midterms. Gemini co-founder Tyler Winklevoss quoted the post, stating, “It was always political persecution.”
Pro-XRP attorney and Senate candidate John Deaton connected investor losses to broader economic mismanagement by career politicians. Former White House Communications Director Anthony Scaramucci called the Democrat post a “stupid tweet.”
The controversy followed a tweet from California Governor Gavin Newsom‘s press office linking Trump to the market crash. Senator Elizabeth Warren has repeatedly warned about the Trump family’s financial gains from digital assets.
