Bitcoin fell below $100,500 as tensions escalated between President Donald Trump and Elon Musk, significantly impacting investor sentiment. The public clash began when Trump threatened to cut federal contracts with Musk's companies, resulting in a devastating 14.26% drop in Tesla's stock, erasing around $150 billion in market value. Trump’s remarks on Truth Social intensified the situation, while Musk retaliated by criticizing Trump’s legislative efforts.
This feud spilled over into the cryptocurrency sector, leading to volatility across the market as Bitcoin briefly dropped over 4%. As of now, BTC has partially recovered to $103,373.93, still reflecting a 1.21% decrease in the last 24 hours. The altcoin market wasn't spared either, with Ethereum declining by 7.25%, Ripple by 4.35%, and Solana by 5.20%. In just 24 hours, liquidations reached $982.55 million, with most of this stemming from long positions.
Addressing the market’s turmoil, Bitcoin advocate Samson Mow proposed a novel strategy. He urged Musk to reintroduce Bitcoin payments at Tesla and adopt a Bitcoin treasury strategy. Mow also suggested that SpaceX could provide discounts for BTC payments, positioning this approach as a potential counter to fiat systems and a safeguard against government actions. He remarked, "This is not financial advice. This is freedom advice."
Despite the turmoil, long-term Bitcoin holders are remaining steadfast. Current data indicates that BTC’s HODL levels are at their highest in two years, demonstrating a strong belief in Bitcoin’s future, even amidst political drama and market uncertainty.
This feud spilled over into the cryptocurrency sector, leading to volatility across the market as Bitcoin briefly dropped over 4%. As of now, BTC has partially recovered to $103,373.93, still reflecting a 1.21% decrease in the last 24 hours. The altcoin market wasn't spared either, with Ethereum declining by 7.25%, Ripple by 4.35%, and Solana by 5.20%. In just 24 hours, liquidations reached $982.55 million, with most of this stemming from long positions.
Addressing the market’s turmoil, Bitcoin advocate Samson Mow proposed a novel strategy. He urged Musk to reintroduce Bitcoin payments at Tesla and adopt a Bitcoin treasury strategy. Mow also suggested that SpaceX could provide discounts for BTC payments, positioning this approach as a potential counter to fiat systems and a safeguard against government actions. He remarked, "This is not financial advice. This is freedom advice."
Despite the turmoil, long-term Bitcoin holders are remaining steadfast. Current data indicates that BTC’s HODL levels are at their highest in two years, demonstrating a strong belief in Bitcoin’s future, even amidst political drama and market uncertainty.
