Bitcoin, Trump Meme Coins Plunge Following Underwhelming Inauguration


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Hello, hello, everyone! I hope you're having a good week!

Yesterday, Donald Trump officially became the 47th president of the United States, swearing office oath and taking over.

His inauguration ceremony was held yesterday, January 20th, during which all eyes were turned to the new president in anticipation of any, even slight, mention of the crypto industry.

This didn't happen.

The markets took south as Bitcoin crashed by over 5% in the process and approached $100K before recovering slightly to where it's currently trading at.

All in all, it was an exciting day, and it was interesting to see when Trump would turn his eyes to the industry. However, it's worth noting that there has already been a serious development. Mark Uyeda has been appointed as the new chairman of the US Securities and Exchange Commission, replacing Gary Gensler. Uyeda has been a critic of the way the agency has approached the sector so it's curious to see how things will turn going forward.

Price Action

Total Mkt Cap: $3.7 Trillion | 24HR Liquidations: $574M | Sentiment: Extreme Greed

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Bitcoin

The weekend turned out to be a lot more eventful than many expected due to the launch of two consecutive meme coins by the now First Family. The primary cryptocurrency managed to defend its position and remained relatively still above $103,000. Moreover, it jumped to over $106,000 on Sunday before it plunged hard on Monday morning to just under $100,000.

It managed to bounce off almost immediately and shot up to a new all-time high of just under $110,000. Following these already quite painful moves for some over-leveraged traders, more volatility was expected later during the day as all eyes were on the US presidential ceremony.

Once that began, BTC tumbled by five grand within minutes to $102,000. It bounced off during the speech but dropped once again as it ended due to the lack of any mentions of crypto whatsoever. The largest digital asset dropped to $100,000 before it added a few grand and now sits above $103,000.

Its market capitalization stands at $2.03 trillion, while its dominance over the alts is still at 55.4%.

Altcoins

As it typically happens when BTC heads south in a violent fashion, so do the alts. Ethereum, Binance Coin, Chainlink, and Toncoin are among the least declining assets, with price losses of up to 3-4%.

In contrast, XRP is down by 6%, AVAX, XLM, and HBAR by around 8%, while SOL, DOGE, and ADA have plunged by up to 10.5%.

The biggest daily losers come from the meme coin space, with FARTCOIN dumping by 28% and TRUMP slumping by 27%.

The total crypto market cap is down by over $200 billion since yesterday to $3.670 trillion on CG.

Best Performers

Mantle (MNT) +13.8%
Hyperliquid (HYPE) +11.5%
Sonic (S) +10.3%

Worst Performers

Official Trump (TRUMP) -25%
Fartcoin (FARTCOIN) -13%
Tokenize Xchange -12.2%

The Crypto News You Can't Miss

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