Bitcoin has slipped below $103K, trading near $103,025, marking a ~1.6% drop today .
Ethereum is down nearly 5.9%, hovering around $2,461 after today’s decline .
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🚨 Market Drivers
1. Trump vs. Musk Fallout
Tensions between Donald Trump and Elon Musk have rattled crypto markets, triggering volatility across the board—Bitcoin, XRP, Solana, and others saw notable losses .
2. Mass Liquidations
Over $983 million in crypto positions were liquidated in the past 24 hours—most of it from long positions—highlighting extreme stress and bearish momentum .
3. Profit-Taking Pressure
After Bitcoin’s May peak near $112K, markets are pulling back. Traders are locking in profits ahead of significant U.S. macroeconomic reports .
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💰 Circle’s IPO & Broader Sentiment
Circle’s debut on the NYSE, raising $1.05 billion, marked a major milestone. However, the IPO also triggered memories of the Coinbase listing high—prompting sell-offs tied to cautious optimism .
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📌 What to Watch Next
Friday’s U.S. jobs data: A softer report could support Fed rate cuts, often positive for crypto .
Regulatory outlook: Improving clarity around stablecoins and Bitcoin (including potential ETF approvals) could propel growth—one VC projects Bitcoin could reach $150K this cycle .
Institutional flows: Keep an eye on ETF flows—recent outflows (~$278M) are signaling cooling institutional sentiment .
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⚖️ Bottom Line
Crypto markets are exhibiting typical post-rally turbulence—driven by high-profile political drama, large liquidations, and profit-taking. While macroeconomic catalysts (like potential Fed easing) and regulatory clarity could offer support down the line, near-term signals suggest a cautious, volatile environment.
#MyCOSTrade #TrumpVsMusk #MarketPullback #CircleIPO #BlackRockETHPurchase
