The cryptocurrency market has suffered significant losses over the past 24 hours, led by Bitcoin, the largest cryptocurrency by market capitalization, following the inauguration ceremony of U.S. President Donald Trump. The markets were anticipating any positive signals from Trump regarding the future of cryptocurrencies; however, the lack of any mention of Bitcoin or digital assets in the inauguration speech triggered a broad selling wave.
Significant Decline in Bitcoin and Other Cryptocurrencies Bitcoin experienced a decline of 5.56%, falling to a level of $102,091, after reaching a record high of $110,000 before Trump's inauguration, which sparked concern among investors.
Ethereum, the second-largest cryptocurrency by market capitalization, also dropped by 4.63%, reaching $3,240, while Ripple and Solana suffered losses of 6% and 12%, respectively, with Ripple trading at $3.07 and Solana falling to $236.
Even Dogecoin, which enjoys widespread popularity thanks to billionaire Elon Musk's support, was not spared from losses, as it lost 11% of its value, trading at $0.3405.
Trump's Digital Currency Faces Sharp Decline The "Trump" digital currency, launched two days before his inauguration, faced intense selling pressure, registering a 32% decline in the past 24 hours, with its value dropping to $39.63 per coin. Despite this downturn, the currency ranks 24th among the largest cryptocurrencies by market capitalization, which currently stands at approximately $26 billion according to CoinMarketCap data.
Future Predictions for the Cryptocurrency Market Analysts indicate that the ongoing uncertainty regarding Trump's policies towards cryptocurrencies may lead to further market volatility, as investors await any official statements or future directions that could affect the performance of Bitcoin and other digital currencies.
