Bitcoin Fades From Highs After No Crypto Mentions During Trump's Inauguration Speech

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Bitget Academy2025/01/21 09:45

By:Bitget Academy

A possible U.S. strategic bitcoin reserve will have to wait at least a bit longer as President Donald Trump didn't bring the subject up at his inauguration speech on Monday afternoon. In addition to that disappointment, a report showing GOP congressional priorities didn't include mention of bitcoin or crypto.

Already on a wild ride both higher and lower over the past days, the price of bitcoin (BTC) fell during the speech, now testing the $100,000 level and down from an overnight high above $109,000.

While the previous administration chose to focus on the negative in its unrelenting attacks on crypto over the past years, Trump has promised — and seems intent on delivering — policies embracing what possibly could become transformative technology. Among his moves prior to today, Trump appointed venture capitalist and former PayPal COO David Sacks as the White House's so-called "A.I. Crypto Czar." He has also nominated longtime D.C. veteran and crypto advocate Paul Atkins to lead the Securities and Exchange Commission.

Trump's crypto embrace — at least to some — hasn't been without missteps. Just over the weekend, the president ignited a speculative frenzy with the Friday evening launch of the Trump memecoin, that was shortly followed by a memecoin associated with his wife Melania.

A check of Polymarket finds the betting odds of a strategic bitcoin reserve being created in Trump's first 100 days in office have dipped to 45% from a high of 60% earlier in the day.

Source: CoinDesk

Futures Market Updates

Bitcoin prices further dropped, triggering even more liquidations on both sides.

Bitcoin Futures Updates

Total BTC Open Interest: $67.14B (-0.63%)

BTC Volume (24H): $217.07B (+55.98%)

BTC Liquidations (24H): $189.02M (Long)/$137.41M (Short)

Long/Short Ratio: 49.18%/50.82%

Funding Rate: 0.0110%

Ether Futures Updates

Total ETH Open Interest: $30.81B (-2.81%)

ETH Volume (24H): $79.15B (-23.02%)

ETH Liquidations (24H): $58.85M (Long)/$30.70M (Short)

Long/Short Ratio: 48.74%/51.26%

Funding Rate: 0.0091%

Top 3 OI Surges

SWFTC: $75.17K (+145.35%)

RIZZMAS: $177.64K (+121.40%)

L3: $7.12M (+97.52%)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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