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Over $200B Wiped From Crypto Markets After Trump Ignores Crypto in Ceremony Speech
Author: Jordan Lyanchev
January 20, 2025 – 17:54
The highly anticipated inauguration ceremony of Donald Trump has concluded, and the crypto market is reeling from the aftermath. Despite numerous reports hinting at a potential mention of cryptocurrency during his speech, Trump surprisingly failed to utter a single word about it. This lack of acknowledgment sent shockwaves through the crypto community, resulting in a massive sell-off that erased over $200 billion in value.
As the ceremony commenced, Bitcoin’s price plummeted by more than $5,000, dropping from above $107,000 to under $102,000 within minutes. Although it briefly rebounded to touch $105,000 during Trump’s address, it swiftly returned to $100,500 shortly after the conclusion of his speech.
The downturn did not spare altcoins, with numerous tokens experiencing staggering losses. Among the hardest hit were “Trump’s official meme coin” and other notable losers such as SPX, FARTCOIN, HBAR, WIF, LINK, AAVE, WLD, TIA, BONK, and many others that fell by more than 6% in a single hour.
The total crypto market cap took a severe hit, plummeting from an earlier high of $3.85 trillion to $3.6 trillion as the sell-off continued unabated. In a stark reminder of the market’s volatility, liquidated positions soared to nearly $200 million within this timeframe, with almost 400,000 traders being wiped out due to their leveraged trades, according to data from CoinGlass.
The inauguration of Donald Trump is sure to have significant implications for the crypto community in the days and weeks ahead.
Source: cryptopotato.com
