Summary

Over $200 billion vanished from the crypto markets following Donald Trump’s omission of the crypto industry in his inauguration speech, leading to significant market upheaval. BTC’s value dropped, and various altcoins, including Trump’s meme coin, endured substantial losses. The overall crypto market capitalization fell to $3.6 trillion, resulting in numerous traders being liquidated in the midst of the market downturn.

Crypto Markets React to Trump’s Ignored Crypto Mention

The cryptocurrency community was left in suspense as Donald Trump’s inauguration unfolded without a single reference to the digital asset sector. This unexpected development sent shockwaves through the crypto markets, triggering a massive sell-off and erasing over $200 billion in market value.

BTC Price Fluctuations Amidst Inauguration Speech

During Trump’s address, BTC witnessed significant price fluctuations. Initially, it plummeted by over $5,000 to below $102,000, then briefly recovered to $105,000. However, the absence of any mention of cryptocurrencies led to a sharp decline, pushing BTC down to $100,500 and causing a ripple effect on altcoins.

Altcoin Turmoil and Market Correction

Various altcoins like SPX, FARTCOIN, HBAR, WIF, LINK, AAVE, WLD, TIA, BONK, and others faced notable losses, with declines exceeding 6% within an hour. Trump’s meme coin, in particular, experienced a more than 20% drop following the market crash. The total crypto market cap declined from over $3.850 trillion to $3.6 trillion, indicating the broad impact of Trump’s silence on crypto.

Trader Liquidation and Market Volatility

The market turmoil led to the liquidation of nearly $200 million in positions, forcing around 400,000 traders to close their positions. CoinGlass data highlighted the intense market volatility and the swift consequences of Trump’s speech on the cryptocurrency landscape.

Opinion

As the crypto markets grapple with the repercussions of Trump’s oversight of cryptocurrencies, it emphasizes the interconnectedness between political events and digital assets. The sharp market correction serves as a stark reminder of the influence public figures have on the crypto space. Looking ahead, investors and traders must remain vigilant and adaptable to navigate such abrupt fluctuations. This incident underscores the significance of regulatory clarity and acknowledgment for the crypto industry to promote stability and progress.