Trump’s highly anticipated speech during his inauguration ceremony lacked one important thing – the mentioning of crypto. This resulted in massive volatility and price slumps for the market, with BTC dumping from its latest all-time high to $100,000.
The altcoins have suffered even more, especially reps of the ever-volatile meme coin sector.
BTC’s Nosedive
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 $102,000.
Its market capitalization stands at $2.03 trillion, while its dominance over the alts is still at 55.4%.
Alts Bleed Out
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.
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