The crypto market is back to being a roller coaster today, and not because of technological innovations or protocol updates. Instead, the market is shaken by human drama: the conflict between Elon Musk and Donald Trump, along with growing global economic anxiety.
📉 Today's Market Condition: Emergency or Discount?
The global crypto market capitalization today is recorded at approximately $3.26 trillion, experiencing a correction of 2.24% in just the last 24 hours. This is a strong signal that the market is in defensive mode, not offensive.
Trading volume has also seen a significant decline, with only $106.67 billion recorded down about 24.04%. This is not just a ‘slow day’, it's an indication of tightening liquidity.
🔥 Prices of Some Major Crypto Assets (As of June 7, 2025)
Assets Price 24-Hour Change
Bitcoin (BTC) Rp 1.711.241.312 +0.40%
Ethereum (ETH) Rp 42.849.899 +0.32%
XRP Rp 35.997 +2.15%
Solana (SOL) Rp 2.511.026 +1.99%
Dogecoin (DOGE) Rp 3.099 +3.04%
Surprisingly, despite the overshadowing negative sentiment, some altcoins like DOGE and XRP are showing resistance or can be said that retail speculation is still strong there.
🎭 The Drama Behind the Dump: Elon Musk vs Donald Trump
One of the most highlighted causes today is the heated verbal conflict between Donald Trump and Elon Musk. Both are engaged in a war of opinion on social media regarding the direction of the US economy and future technology regulation.
The result? The crypto market, which is highly sensitive to public sentiment and social media, reacted quickly. Bitcoin even briefly fell below $101,000 before a slight rebound.
Major investors seem reluctant to bet in such a personal political uncertainty.
⚠️ Recession: The Old Shadow Returns
In addition to personal drama, the market is also facing pressure from global economic fundamentals. Signs of recession are beginning to re-emerge from declining US manufacturing indices, economic stagnation in China, to high-interest rate policies that show no signs of easing.
Institutional investors are starting to shed high-risk positions, which includes crypto assets. This risk is exacerbated by massive liquidations of leveraged positions, with data showing more than $308 million in long positions liquidated in the last 24 hours, mostly from Bitcoin and Ethereum.
🔮 What's Next?
For swing traders or long-term hodlers, this situation is a mental test. The market is irrational right now and as Warren Buffett said, "When the market is fearful, be greedy." But are we really in 'fear' or are we heading towards 'capitulation'?
If you are a long-term investor, phases like this can be an accumulation opportunity with a dollar-cost averaging (DCA) strategy. However, for day traders or scalpers, the current high volatility can be like a double-edged sword.
✍️ Conclusion: Blockchain Cannot Guarantee Market Emotional Stability
Despite the promise of transparent blockchain technology, it cannot be denied that the crypto market is still very much driven by humans and human drama. Whether it's Elon Musk's tweets, Donald Trump's political campaigns, or mass fears about a global recession.
So, if you hope crypto can be an escape from the real world, think again. The real world often seeps into blockchain through sentiment, politics, even gossip.
In the crypto world, one thing is certain: volatility is a constant.