Degen

The recent spat between US President Donald Trump and Elon Musk on the social network X (formerly Twitter) has sparked fresh concerns in global markets and sent cryptocurrencies plummeting. The dispute has led to the liquidation of nearly $1 billion in traders’ capital.

Bitcoin (BTC), which had retreated to $101,000 overnight, has since made a modest comeback. Bitcoin’s price today clearly shows the direct impact of political tensions on the cryptocurrency market. Dogecoin (DOGE) and Cardano (ADA) have also been hit the hardest, each falling more than 6% in the past 24 hours.

The CoinDesk 20 Index, which tracks the largest digital assets, fell more than 5%. The broad decline highlights the cryptocurrency market’s high sensitivity to political news and personal conflicts between high-ranking officials.