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Dogecoin Plunges Amid Political Tensions, Tesla Shares Tumble
The decline of Dogecoin is linked to disagreements between Elon Musk and Trump, which caused shockwaves in the cryptocurrency market. On Thursday, Doge's price dropped by 11%, reducing its recent highs by 16%. Traders highlighted Musk's political departure as a major factor behind the decline.
At the same time, Tesla shares experienced a sharp decrease, falling 13% after Trump threatened to end federal contracts with Musk-controlled companies. Investors are concerned about potential revenue losses and increased regulatory scrutiny.
The broader crypto market also felt the impact, with total liquidations reaching $982 million in one day. Long position losses amounted to $881 million, while short positions lost $100 million.
This sequence of events underscores a period of heightened volatility driven by political tensions involving Musk, impacting both stocks and cryptocurrencies. Investors should remain cautious amid these developments.
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AI Analysis
The recent decline in Dogecoin's value appears closely tied to the broader political tensions involving Elon Musk and Donald Trump. Musk's departure from the Department of State Efficiency and his acc...
AI Recommendation
Investors should consider reducing exposure to highly volatile assets like Dogecoin and Tesla stocks amidst the current political turbulence. Short-term trading may be riskier, and a defensive stance ...
Disclaimer
The AI analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.
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