The crypto world just took a wild ride as the total market cap tumbled to a cool $3.6 trillion, all thanks to the buzz around Donald Trump's big day! The spotlight was on Trump's inauguration as he officially became the 47th US president. Everyone was on the edge of their seats, wondering if the new president would drop a line about crypto in his speech. Spoiler alert: he didn't!
As the ceremony kicked off, Bitcoin took a dramatic plunge, losing over $5,000 in a matter of minutes, dropping from over $107,000 to under $102,000. It seemed like BTC was trying to make a comeback, bouncing back to $105,000 mid-speech. But once the speech wrapped and it was clear that crypto was left out of the conversation, Bitcoin and its crypto buddies took another dive south.
Bitcoin's slide continued, dipping to around $100,500. And it wasn't just Bitcoin feeling the heat—many altcoins were hit hard too. Even Trump's own meme coin faced a hefty drop, sinking over 20% in just one hour, struggling to stay above $40 after peaking above $70 earlier. It seems the competition from Melania Trump's alternative coin is already heating up.
Other big names in the crypto world like SPX, FARTCOIN, HBAR, WIF, LINK, AAVE, WLD, TIA, and BONK weren't spared, each taking a hit of over 6% in the last hour. The total crypto market cap took a nosedive from over $3.850 trillion to $3.6 trillion during this rollercoaster ride.
The aftermath? A staggering $200 million in wrecked positions, with nearly 400,000 traders liquidated in just a day. It's a crazy time in the crypto universe, and who knows what twists and turns are coming next? Buckle up!
