In the last 24 hours, a lot has happened, and there is no stopping. The very public spat between Musk and Trump has engulfed the industry, showing a major downward trajectory across the board.
Major crypto tokens like BTC, XMR, XRP, and SUI have experienced a significant decline. There is a clear sign that the market is at the crux of a major slowdown since the beginning of the fiscal year.
Analysts of Bitunix released a statement regarding the situation, “In the short term, weak data may support BTC to continue the rebound. The market is concerned about Friday’s non-farm payrolls report, if it again shows that the labor market cooling, will strengthen the year rate cut expectations.”
On the other hand, Valentin Fournier of BRN stated, “A public clash between Elon Musk and Donald Trump shook investor confidence, highlighting fractures within political and business leadership.” Valentin further added, “Traditional markets held relatively steady (−0.5%), but crypto saw a sharp reaction, with $830M in liquidations as leveraged traders got wiped out.”
Amidst all of these developments, Coinbase is looking to delist some of the tokens, including MOBILE, RNDR, RBN, and SYN. Therefore, this could initiate another major liquidation drive. Hence, tougher times might be ahead.
