Bitcoin’s price drops below $104,000 after former President Trump does not comment on cryptocurrency during his inauguration.
Despite expectations of a potential increase in BTC prices after Trump’s inauguration, the cryptocurrency actually dropped by over 5.7% against the U.S. dollar. This decline led to decreases in other cryptocurrencies as well. Despite this setback, many coins, such as bitcoin, were still priced higher than the day before. The total value of the global cryptocurrency market is now at $3.55 trillion, showing a slight increase of 1.5%.
A significant surge in trading activity has been observed, with a 21% jump in volumes compared to the previous day. In the last 24 hours, a staggering $354.87 billion worth of cryptocurrency transactions took place. Tether (USDT) dominated the trades, accounting for $171 billion, closely followed by bitcoin with $132 billion. However, not all cryptocurrencies experienced gains, with MELANIA, a novelty token created by the wife of the 47th President, suffering the largest loss of 52.11%. Another meme-based coin, POPCAT, also saw a notable decline of 12.95% over the course of the day.
According to information provided by coinglass.com, there were liquidated trades totaling $826.58 million within the crypto, $553. positions. Throughout this period, a total of 278,464 traders experienced liquidation of their positions in various derivatives. The liquidations were primarily driven by Bitcoin and Ethereum, with BTC long positions amounting to $214 million. Furthermore, losses in TRUMP long positions reached $34.81 million, playing a part in the overall derivatives losses for the day.
Contrary to expectations, the cryptocurrency market responded with surprising indifference to Trump’s return to public office. The omission of digital assets from his inaugural address quashed hopes of a market surge, highlighting a seeming dis events and the fundamental drivers of the bitcoin markets. Although the market experienced modest growth, the lack of a direct impact from Trump’s speech on cryptocurrency prices suggests that other factors were at play in shaping investor attitudes.
In a notable move, Trump revealed intentions to sign executive orders that would freeze the recruitment of new IRS personnel and mandate the immediate return of all federal staff to in-office work arrangements. Elsewhere, World Liberty Financial, a family-led decentralized finance project, made substantial investments, acquiring sizable amounts of cryptocurrency, including $47 million in ETH and WBTC, as well as $4.7 million in AAVE, LINK, TRX, and ENA.
