The cryptocurrency market is under pressure today, with major assets like Bitcoin, XRP, and Ethereum all recording losses. A notable factor in this downturn is a public dispute between Elon Musk and Donald Trump, where Musk critiqued Trump’s past and suggested impeachment, while Trump countered with comments about the economy. This unexpected rivalry has unsettled investors, causing disturbances in both the traditional and crypto markets. Stock markets opened with caution, leading many traders to bet against cryptocurrency prices, thereby increasing the number of open short positions. Currently, the total cryptocurrency market cap is approximately $3.18 trillion, reflecting a 3.42% decline over the last 24 hours. Bitcoin is trading at $101,895 after experiencing a 2.77% drop. Ethereum has fallen to $2,424, down nearly 7%, while Solana is priced at $145.39, suffering over a 5% loss. XRP has slid to $2.10, and Dogecoin is down nearly 9%, trading at $0.1720. Despite the current downturn, some analysts suggest that this reaction might be temporary, with the possibility of tensions easing between Musk and Trump. Bitcoin's critical support zone lies between $100,700 and $98,000; maintaining this range could allow for a period of sideways trading before any potential recovery.
Crypto Market Faces Decline Amid Musk-Trump Feud
The cryptocurrency market is experiencing significant losses, driven by tensions between Elon Musk and Donald Trump, leading to a decline in major coins.
Jamie Bennett
Crypto Analyst
5 min read
42,675
Analysis
Market Sentiment
Bearish
Neutral
Bullish
News Impact
8/10
Credibility: 8/10
Trading Recommendation
BTC
BTC
SELL
Entry Price
$0
Confidence
60%
Stop Loss
$102000
Take Profit
$98000 - $95000
Market is under significant pressure from a public feud leading to drops across major cryptocurrencies, making short positions viable.
