Dogecoin (Doge) and Cardano (ADA) went down on the cryptomarkt today. Both cryptocurrencies lost about 7 percent of value, while investors express their concerns about a possible recession and the rising tensions between US President Donald Trump and Tesla CEO Elon Musk. Can their conflict have consequences for the broader financial climate?
Doge and Ada the biggest losers
The course of Dogecoin today dropped by more than 7 percent to $ 0.1756. Cardano’s Ada fell by almost 6 percent to $ 0.6412. They are the biggest fallers from the top 10.
The decreases seem to be mainly due to the escalating fight between Musk and Trump. But investors also always have the increasing uncertainty about the American debt platform in their heads, and disappointing consumer figures.
Bitcoin (BTC) brewed light in the Asian morning hours, and is already nearly 104,000 dollars. That happened after the race dropped to $ 100,500 on Thursday evening. Other large cryptocurrencies such as Ethereum (ETH), Ripple (XRP), BNB (BNB) and Solana (Sol) fell between 2 and 5 percent.
Political division creates uncertainty
The public fight between Elon Musk and Donald Trump underlines the growing political division in the United States. This division makes it difficult to realize clear economic plans and feeds the uncertainty among investors.
According to analysts, that unrest now plays a greater role than the economic figures themselves. “The recent American figures certainly play a role, but the negative mood is mainly due to the tensions between Trump and Musk,” says Nick Ruck from research agency LVRG. “Investors fear that their conflict can further influence the markets.”
In such a climate, many investors opt for the sidelines, especially in more risky markets such as Crypto.
Optimism remains despite price pressure
Yet there is also optimism. For example, the successful IPO of the Crypto company Circle was completed on Thursday, which, according to Jeff May of Cryptoeurs Huobi, demonstrates that there is still institutional interest in the sector.
In the meantime, traders remain waiting. Not only because of the fight between the two influential Americans, but also because there is still much uncertainty about the American debt ceiling and Trumps proposed economic plans.
Source: https://newsbit.nl/dogecoin-en-cardano-de-grootste-slachtoffers-van-politieke-onrust-vs/
