Crypto Markets in Freefall as Trump and Musk’s Feud Triggers Nearly $1 Billion in Liquidations 💥
The cryptocurrency market is experiencing significant turmoil due to a public feud between US President Donald Trump and Tesla CEO Elon Musk. In the past 24 hours, liquidations have surged to nearly $1 billion.
The market has lost value, with seven of the top 10 cryptocurrencies suffering losses. Dogecoin and Ethereum led the decline, falling 7.9% and 6.6%, respectively.
Trump criticized Musk, worsening investor confidence. This led to a 5.1% drop in total crypto market capitalization. Bitcoin also dipped, while the Official Trump meme coin fell 10.8%.
The situation has led to mass liquidations, primarily of long positions. Echoing fears of potential market manipulation, this feud might have economic repercussions beyond immediate volatility.
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