- $1.28 billion liquidated, impacting over 386,000 traders.
- Rumors persist about a U.S. Bitcoin Strategic Reserve under Trump.
The cryptocurrency market experienced heightened volatility as Donald Trump was inaugurated as the 47th U.S. President. His speech, which omitted any mention of bitcoin or crypto policies, triggered widespread sell-offs. According to Coinglass, total liquidations surged to $1.28 billion, affecting over 386,000 traders.
Long positions bore the brunt of the sell-off, with $816 million liquidated as market optimism faded. Short positions also saw a significant impact, with $307 million liquidated amid market fluctuations. Key trading volumes included $2.56 million in BTC, $1.98 million in ETH, and $1.08 million in Trump’s $TRUMP memecoin.
Altcoins Slide Amid Crypto Market Uncertainty
Bitcoin demonstrated relative stability, dropping 1% to $102,219, while altcoins faced sharper declines. Solana plummeted from $289 to $241, driven by concerns over infrastructure strain linked to the $TRUMP memecoin frenzy. Cardano also dipped 5% during the market turmoil.
The $TRUMP memecoin, which previously surged, lost 22% of its value to trade at $36.31. This decline coincided with the rise of competing tokens, such as Melania Trump’s $MELANIA, which skyrocketed by 12,000% within 24 hours. The intense competition between these tokens added to the market’s instability.
Bitcoin’s current trading metrics highlight the market’s uncertainty. BTC is priced at $104,368.97, reflecting a 2.48% daily drop. Its market cap stands at $2.06 trillion, with a 24-hour trading volume of $103.37 billion. Bitcoin’s circulating supply is 19.81 million, nearing its maximum cap of 21 million.
Despite the absence of crypto in Trump’s speech, speculation about a U.S. Bitcoin Strategic Reserve (SBR) persists. Polymarket suggests there is a 40% chance of an SBR being announced during Trump’s first 100 days. Such a move could significantly impact the crypto market.
Analysts warn that the market could remain volatile, mirroring trends observed during Trump’s previous presidency. With ongoing speculation and heightened trading activity, traders should prepare for further turbulence. The cryptocurrency market continues to navigate uncertain waters as Trump’s administration begins.
