Crypto Market Sheds $124 Billion Amid Trump-Musk Feud and Mass Liquidations
The cryptocurrency market experienced a significant downturn, losing approximately $124 billion in market capitalization, as major digital assets like Bitcoin, Ethereum, and Dogecoin saw notable declines. This drop coincided with a public dispute between President Donald Trump and Tesla CEO Elon Musk, which also impacted traditional financial markets.
Coinccino 
Market Overview:
- Bitcoin (BTC): Currently trading at $102,759, down 2.34% from the previous close.
- Ethereum (ETH): Currently trading at $2,456.42, down 6.67% from the previous close.
- Dogecoin (DOGE): Currently trading at $0.1757, down 7.75% from the previous close.
The total crypto market capitalization fell by 3.77% to $3.18 trillion.
Contributing Factors:
The market's decline was influenced by escalating tensions between President Trump and Elon Musk. Musk publicly criticized Trump's proposed spending bill, referring to it as a "massive, outrageous, pork-filled Congressional abomination." In response, Trump threatened to terminate federal contracts with Musk's companies, including Tesla and SpaceX.
This political feud led to a 14.3% drop in Tesla's stock price, erasing $153 billion in market value. The volatility extended to the crypto market, with over 226,000 traders liquidated in the past 24 hours, totaling nearly $980 million in forced position closures.
The Solana-based Official Trump (TRUMP) memecoin also declined by 9.75%, trading at $9.82.
Investor Sentiment:
The Crypto Fear and Greed Index dropped to 46, indicating a shift towards neutral sentiment from a previous state of greed.
As the political dispute continues, market participants remain cautious, monitoring potential impacts on both traditional and digital asset markets.
