Why is crypto down today? Trump vs. Musk, Fed jitters, and more
2025-07-03 00:19:24
Main Idea
The crypto market experienced mixed performance with BTC briefly cooling off due to Fed chair Jerome Powell's hawkish speech, while some sectors like AI and memecoins showed recovery.
Key Points
1. BTC briefly plunged from $107K to $105K on July 1st due to Powell's inflation fears but recovered to $107K by July 2nd.
2. The market saw a $252 million liquidation cascade, with mixed performance across cryptocurrencies like SOL, ETH, SUI, and TRX.
3. Powell's speech at an ECB forum and the renewed spat between Elon Musk and Donald Trump were cited as key market stirrers.
4. QCP Capital projected a range-bound market, noting a modest uptick in BTC risk reversals from option markets.
5. DeFi segment dumped hardest (-4% on average), while AI, L2s, and memecoins showed the swiftest recoveries (1-3% pump).
Description
What's next for the crypto market amid BTC's range-bound price action?
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