The cryptocurrency market recorded forced liquidations of $831 million (approximately 1.155 trillion won) in the past 24 hours. Of this, $765 million (approximately 1.0633 trillion won) led to losses for long position investors.
Bitcoin (BTC) and Ethereum (ETH) leverage traders were hit the hardest. As market volatility sharply increased, the Bitcoin Fear and Greed Index dropped from 62% to 57% in 24 hours.
This market downturn is primarily attributed to the conflict between President Trump and Elon Musk. The two were in sharp opposition over a congressional spending bill.
Trump claimed, "This bill contains the largest spending cuts in history (1.6 trillion dollars) and a tax reduction plan. If it does not pass, a 68% tax increase will occur."
In contrast, Musk urged Trump's resignation through social media and is participating in impeachment efforts. He particularly warned that Trump's tariff policies would cause an economic recession in the second half of this year.
Experts predict that if the US enters an economic recession in the second half of the year, gold prices will perform better than the stock market. The cryptocurrency market, including Bitcoin, which is called 'digital gold', is also expected to find an upward momentum in the second half of the year.
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