I think it's a dip, not a dump. And even calling it a dip is an exaggeration to me. What it really is is just a correction, which was expected. Weekly candle is still giving me the thumbs up, so I will not panic just yet.
But Trump is manipulating the markets for his own or his rich friends sake, I think. I would not put something like that past him.
If you are referring only to the bitcoin price maybe you are right but in the OP I also talked about the stock market, since this is the Economics section in general. If we include the stock market it is clear that it has been a dump, while the bitcoin price has remained relatively stable. Further proof to me that the alleged correlation doesn't exist.
Bitcoin generally exaggerates the S&P movements, but since 2020, it more often (not always) moves in the same direction.
That's called cherry-picking in my book.
In May 2021 there was a fall in the price of bitcoin that lasted until July and had only one cause: the mining ban in China. Meanwhile, the price of the S&P 500 kept rising.