The cryptocurrency market has been hit hard today, with major players such as Bitcoin, XRP, Ethereum, and Solana all facing losses. An unexpected factor leading to today’s plunge is the public feud between Elon Musk and Donald Trump. The two high-profile figures exchanged some rather sharp comments online, creating an unexpected atmosphere of tension.
Musk criticized Trump’s past controversies, even calling for his impeachment, while Trump made strong criticisms regarding economic issues. Although this spectacle seems like just ordinary news headlines, it has indeed unsettled investors and caused ripples in both traditional and cryptocurrency markets.
The stock market opened cautiously today, with traders betting that cryptocurrency prices will continue to decline. More traders are opening short positions, adding extra pressure to the market and causing further price drops.
Bitcoin is down, and altcoins are following suit.
Currently, the global cryptocurrency market capitalization is $3.18 trillion, down 3.42% in the past 24 hours. The Fear and Greed Index is at 46, indicating neutral market sentiment, while the altcoin season index is low at 23 (out of 100).
Bitcoin is trading at $101,895, down 2.77% in the past 24 hours. Ethereum has dropped to $2,424, a decline of nearly 7%, while Solana's price has fallen to $145.39, down more than 5%. XRP has dropped to $2.10, and Dogecoin has taken the hardest hit, plummeting nearly 9% to $0.1720.
Despite this decline, analysts believe that this sharp reaction may be temporary. The tension between Musk and Trump may ease soon, which could help stabilize prices. The key support level for Bitcoin is between $100,700 and $98,000. If the market can maintain above this range, it may enter a consolidation phase before attempting a rebound.
