Traders of Ethereum and Bitcoin recently suffered greatly as more than $800 million in long holdings were wiped out. Following a contentious conversation between Elon Musk and Donald Trump that caused a surge of fear in the cryptocurrency sector, the significant liquidation took place.
As it $ETH fell to about $3,600 and BTC fell below $70,000, a series of forced sell-offs ensued. The Trump-Musk feud, which was purportedly motivated by politics and power struggles, simply made the already unstable market worse.
All of this demonstrates how easily drama outside of charts may upend the cryptocurrency market. When prominent figures like Musk and Trump were involved, the market suffered as a result of the heightened emotions.
Although traders are currently closely monitoring the future, it is evident that this level of volatility is not going away anytime soon.
