The cryptomarkt crashes today, because the clash of Elon Musk and the collision of President Donald Trump has taken a hard hit on the market. Tesla fell 15%, Bitcoin keeps sliding and altcoins also fall rapidly. Crypto market capitalization has fallen by 4.8% over the past 24 hours and the US shares also fell slightly in the middle of the chaos.
Cryptocurrencies take a big hit
Bitcoin fell earlier today by more than 4% to $ 100,500 and falls below $ 100k for the first time in a month. It is currently being traded at $ 102,995. Other coins such as Solana and Sui took big hits and fell more than 7%. Ethereum fell by 7.25%, XRP fell by 4.35%and Solana lost 5.2%. However, they have been somewhat recovered at the time of writing.
The Trump Meme Coin crashed 9.3% during the Musk-Trump fight. Crypto shares such as Coinbase also fell by 4.6%, micro strategy fell 2.4%and miners such as Mara, Riot and Core Scientific also fell around 5%.
$ 1 billion in crypto -readings
Almost $ 1 billion in crypto positions Were liquidated in 24 hours, usually from long bets. Bitcoin only saw $ 341 million in daily liquidations, while Spot Bitcoin ETF’s $ 278 million saw when institutions withdrew.
Data of Glass node showed that many long-term Bitcoin holders started selling after BTC reached a record of $ 111,970 in May, increasing the chances of a price decrease in the short term. ETH Futures also saw a decrease of 5.5% in open interest and $ 260 million in long liquidations.
The sudden sale shows that investors are worried, since greater economic risks and American politics shake the cryptomarkt. Reports hint that the White House even holds emergency interviews to see how this can influence the economy.
Politics stands in the way?
With good news about cutting a rate and rising institutional purchases, politics is cloudy. Bitcoin hangs hard around $ 100k, but if long liquidations continue, it can fall to around $ 95,000 – $ 98,000 before it finds solid support.
However, traders are convinced that Bitcoin will reach $ 120,000 by the end of the year. The strong business sales and low volatility have kept optimism high, with a 69% chance on the polymarket gambling platform. Company investors now have almost 810,000 BTC worth $ 85 billion, almost double last year. So, experts expect that Bitcoin’s momentum remains strong.