Donald Trump's inauguration ceremony took place, marking him as the 47th US President. Despite expectations concerning possible crypto mentions, it resulted in a market downturn.
Inauguration and Trump's Expectations
The official inauguration of Donald Trump captured global attention. Speculations were rife that he might mention cryptocurrencies in his speech.
Crypto Market Reaction
Bitcoin prices plummeted sharply with the onset of the inauguration. Within moments, BTC dropped by over $5,000 and then partially recovered, only to dive again by the speech's end.
Market Decline Consequences
The total crypto market cap decreased by $200B, leading to nearly $200M in liquidated positions. Consequently, around 400,000 traders were liquidated amid the market's intense fluctuations.
Donald Trump's inauguration ceremony had a significant impact on the crypto market, showcasing its volatility and susceptibility to political events.
