The collapse of cryptocurrencies reflects the impact of the public confrontation between Elon Musk and Donald Trump, who shook the markets this Thursday. Bitcoin falls 3.1% in the last 24 hours.
Cryptocurrencies go back on Thursday after the hard confrontation between Elon Musk and Donald Trump. Bitcoin collapses 3.1% in the last 24hs located at US $ 101,332, according to Binance. In that context, the rest of the cryptocurrencies sinks up to 9.2% headed by Dogecoin, the meme coin linked to Elon Musk. This is followed by Avalanche (-7%) and Solana (-6.2%).
Elon Musk unleashed a storm in X with an explosive accusation against Donald Trump, claiming the implication of the president in the archives of Jeffrey Epstein and stating that this was the reason for his non -dissemination. The publication caused an immediate reaction and repercussions on the market.
Elon Musk and Trump’s fight
In twelve tweets, Musk attacked Trump, a radical change with respect to his previous alliance when Musk defined Trump’s “first friend”. His breakup seems to be fed by political disagreements in which the tycoon criticized Trump’s legislation for inflating the national deficit – and personal grudges, including Musk’s frustration by a rival agreement of an AI data center in the Middle East.
The analysts are giving the alarm, warning that if the tensions between Musk and Trump continue to climb, Bitcoin could fall below the brand of US $ 100,000 – a psychological threshold for investors.
What the crypto market analyzes
The current environment remains volatile. Bitcoin, despite its strong recent advance, also faces both technical and psychological obstacles at higher levels. In turn, the performance of other cryptocurrencies suggests that investors are looking to distribute their exhibition, which reduces the buying pressure on the active leader.
From the technical point of view, analysts highlight that recently the BTC managed to overcome the U $ S110,000marking new historical maximums. However, it interprets the current correction as a possible phase of healthy consolidation after the accumulated increases from the minimum of April.
According to that look, the behavior of the cryptocurrency “remains positive”, after accumulating a rise of 50% in just two months. For the next sessions, it does not rule out a new bullish impulse that takes Bitcoin to look for the area of the US $ 120,000. In case of setbacks, the key support to watch is located in the U $ S 93,600: “We will not talk about a sign of relevant weakness as long as it remains above that level, they conclude.
Source: Ambito
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