$633 million in positions liquidated

During his inauguration, Donald Trump said nothing about cryptocurrencies, which negatively impacted the cryptocurrency market and left the future of the cryptocurrency industry under the Trump administration unclear.

During his inauguration , Trump talked about uniting America and addressing economic and border issues. However, during his speech, Trump did not mention cryptocurrencies or blockchain technology.

This disappointed many crypto investors who were hoping for clearer policies or even support for cryptocurrencies in the US.

Earlier rumors suggested that Trump might announce a strategic Bitcoin reserve or pro-crypto policies during his inauguration but that turned out to be the case.

Ahead of Trump’s inauguration, the cryptocurrency market reacted positively to the expectation that he would mention cryptocurrencies, sending Bitcoin prices to an all-time high of $109,000 . However, things quickly changed when Trump did not mention cryptocurrencies or blockchain. This led to a sharp drop in prices.

Over the past 24 hours, Bitcoin price has dropped 5% from $108,371 to $102,333 at the time of writing.

In the top 10, Altcoins all decreased from 5% to 10%, the total cryptocurrency market capitalization decreased from $3.85 trillion to $3.66 trillion.

The volatility in the past 24 hours has led to a sharp increase in long/short liquidations. According to Coinglass data, $633.74 million was liquidated in the past 24 hours, with the highest amount of liquidated long positions reaching $469.21 million.

Additionally, 235,840 traders were liquidated, with the largest liquidation occurring on Binance at $12.54 million.

Trump’s lack of attention to cryptocurrencies has left many wondering what his administration’s plans are. With no clear direction or policy, the crypto community is left waiting. For now, Bitcoin remains the top choice for investors, while Ethereum struggles to keep up.