In the past 24 hours, the crypto market faced a significant drop due to rising volatility and conflicts among high-profile figures like Donald Trump and Elon Musk.
Overall Liquidations in Crypto Market
The crypto market recorded over $831 million in forced liquidations. Of this, more than $765 million were related to long traders, indicating unexpected losses. The fear and greed index for Bitcoin dropped from 62% to 57% in the past 24 hours, signaling a bearish trend in the market.
Trump and Musk Conflict
The crypto market is experiencing adverse effects from the conflict between U.S. President Donald Trump and billionaire Elon Musk. This conflict has caused a sharp market downturn, as fears of a potential recession have increased. Trump noted, 'I don’t mind Elon turning against me, but he should have done so months ago. This is one of the Greatest Bills ever presented to Congress.'
Future of the Crypto Market
As the conflict between Trump and Musk intensifies, fear of a recession in the economy has increased. Musk also pointed out that conflicts over tariffs could lead to economic troubles ahead. If the U.S. faces a recession in the second half of 2025, gold is expected to perform better than the stock market, possibly facilitating a recovery in Bitcoin prices.
Thus, the current volatility in the crypto market is driven not only by market factors but also by political instability, making future projections extremely uncertain.
