Trump's Trading Retreat, Musk Drops Bombshell: The New Government May Cause Bitcoin and Dogecoin to Decline

The cryptocurrency world has been truly tumultuous lately! On January 8th, the price of Bitcoin suddenly dropped sharply, nearly falling below $96,000. Those big players who previously followed Trump's trading strategies were also busy retreating, with over $200 million in long positions liquidated in just one hour, which was quite alarming to witness.

At this moment, Musk made a jaw-dropping statement. He said that if the efficiency department of Trump's newly formed government can really bring down inflation, then the prices of cryptocurrencies like Bitcoin and Dogecoin will inevitably decline. As soon as this was said, the whole market erupted.

When Musk was cheering for Trump, the prices of Bitcoin and Dogecoin soared. Everyone thought that with Musk and Trump, the good days for cryptocurrencies were about to come. But now it seems, things are far from that simple.

Musk's recent remarks were like a bucket of cold water poured over the market. He stated that if the efficiency department of the government can really achieve some results, then the value of the dollar will rise, and the cost of buying cryptocurrencies with dollars will naturally decrease. This sounds quite reasonable, but it doesn't sit well with investors.

Musk opposes government overspending, which is why he supports the establishment of the efficiency department. He mentioned that this department could help save $2 trillion. Since the abbreviation of this department is somewhat similar to the English name of Dogecoin, its every move stirs the nerves of the cryptocurrency market.

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