Hassan Maishera
TL;DR
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Bitcoin hit an all-time of $109,114 on Monday but has now retraced to $101k, resulting in over $1.2 billion liquidation within the crypto market.
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The dip came as Donald Trump failed to mention crypto during his presidential inauguration speech.
Donald Trump Failed to Mention BTC, Price Tanks to $101k
The cryptocurrency market has been bullish in recent days, with Bitcoin and other major coins rallying. Bitcoin rallied to a new all-time high of $109,114 on Monday as traders await the inauguration of the first Bitcoin-friendly president in the United States.
However, Bitcoin has lost over 5% of its value since the inauguration, as President Donald Trump failed to mention crypto during his speech. At press time, Bitcoin is trading at $101,983 per coin. The market volatility resulted in over $1.2 billion liquidations from the crypto market.
Data obtained from Coinglass revealed that over 386,000 traders were liquidated in the last 24 hours, resulting in total cryptocurrency liquidations of approximately $1.28 billion.
Coinglass revealed that long positions accounted for $816 million of the liquidations, while short liquidations amounted to $307 million.
Long positions suffering greater losses indicate that the market sentiment might shift as traders adjust to the rapid price volatility across other cryptocurrencies.
Ether, the second-largest cryptocurrency by market cap, is also down 5% and now trades at $3,240 per coin. Solana’s SOL and Cardano’s ADA are the worst performers among the top 10, losing over 8% of their values in the last 24 hours.
