Tonight, the cryptocurrency market is experiencing a notable decline. Here are the main identified reasons:
📉 1. Conflict between Elon Musk and Donald Trump
A public feud between Elon Musk and American President Donald Trump has sowed uncertainty among investors. This tension has contributed to a significant market decline, with a total market capitalization decrease of 3.03%, bringing it down to $3.2 trillion.
💥 2. Massive liquidations and sales by whales
The market has undergone significant liquidations, particularly of long positions, leading to selling pressure. Additionally, "whales" have sold assets, exacerbating the price decline.
📊 3. Profit-taking on altcoins
After a period of increase, many investors decided to take their profits, especially on altcoins. This widespread profit-taking has contributed to the price decline, with altcoins recording losses of up to 6%.
🌐 4. Macroeconomic uncertainties and geopolitical tensions
Macroeconomic factors, such as trade tensions between the United States and China, as well as restrictive monetary policies, have heightened uncertainty in the markets. These elements have prompted investors to adopt a more cautious approach, negatively affecting the cryptocurrency market.
📉 5. Technical weakness of the market
From a technical standpoint, the market shows signs of weakness, with indicators suggesting a bearish trend. This unfavorable technical setup has contributed to the current price decline.
📊 Current state of the market
Here is an overview of the main cryptocurrencies tonight: