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Bitcoin price consolidates, TRUMP memecoin sells off as Donald Trump takes office
Bitcoin saw an 8%+ drop as Donald Trump took office, but hope for a strategic Bitcoin reserve and new offerings from Trump’s World Liberty DeFi project could reverse the tide.
Big Smokey
ราคา Bitcoin เริ่มฟื้นตัว TRUMP memecoin ถูกขายออกไปเมื่อ Donald Trump เข้ารับตำแหน่ง
Bitcoin price consolidated below its all-time high and Official Trump (TRUMP) sold off during the inauguration of US President Donald Trump, but traders are hoping that a slew of Trump-issued executive orders could reverse the negative price action.
After rallying to a new all-time high above $110,000 in the early hours of Jan. 20, Bitcoin
price wicked down as low as $101,440 on the Binance exchange. President Trump’s TRUMP memecoin also sold off, dropping more than 40% in the past 24 hours to trade at below $39.
BTC/USDT 1-hour chart. Source. TradingView
Historically, profit-taking at and near all-time highs is a normal outcome for Bitcoin and other cryptocurrencies, so the current price action does not deviate from this practice. The crypto communities’ anxiety over the possibility of Trump issuing an executive order for the creation of a strategic Bitcoin reserve has also played a role in BTC’s price action and its price volatility.
Polymarket odds currently show a 64% chance of Trump implementing a national Bitcoin reserve, but the shakiness seen in Bitcoin is a reflection of market participants’ anxiety.
There’s still hope for TRUMP
Although TRUMP is down on the day, the memecoin retains the bulk of its 616% three-day gains, and President Trump’s son, Eric Trump, suggested in a Jan. 19 tweet that something positive would be coming from the World Liberty team on Jan. 20.
Related: Trump inauguration live: Latest crypto market updates, analysis, reactions
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
