Crypto Market Sheds $124 Billion Amid Trump-Musk Feud and Mass Liquidations

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.