Nearly $100 Million Worth of Positions Liquidated After Trump Omits Crypto in Inauguration Speech
After Donald Trump became actively involved in the cryptocurrency market, including launching his own meme coin, market analysts expect him to discuss the future of cryptocurrencies during his inauguration speech. However, Trump ended his speech without mentioning cryptocurrencies, causing the price of Bitcoin to drop to around $100,000 and causing a total liquidation of $100 million.
Trump’s failure to mention cryptocurrencies isn’t a complete reversal
During the campaign, Trump won support from top leaders in the cryptocurrency industry by promising to loosen U.S. regulations. He vowed to commute Ross Ulbricht’s life sentence, fight back against “Joe Biden’s campaign to crush cryptocurrencies” and block the development of central bank digital currencies, citing concerns about government surveillance of transactions.
In his inaugural speech today, Donald Trump praised his support for innovation, but he did not specifically mention cryptocurrencies in his inaugural address.
“There is no nation like ours. Americans are explorers, builders, innovators, entrepreneurs and pioneers. The spirit of the frontier is etched in our hearts,” he said.
Additionally, there was no mention of cryptocurrencies in a document titled “President Trump’s America’s First Priorities” emailed by the press secretary’s office. However, this does not mean a 180-degree change in Trump’s attitude toward cryptocurrencies, as the president has become increasingly bullish on cryptocurrencies.
Also read: Bitcoin Price Drops: Trump’s Presidential Speech Snubs Bitcoin and Cryptocurrency’s Future
According to Reuters, Trump is expected to sign executive orders on his first day in office, which may include forming a cryptocurrency committee and ensuring that companies can cooperate with banks. Last week, The Washington Post also reported that Trump may sign an executive order to cancel the SEC’s controversial cryptocurrency accounting rule, known as SAB 121.
However, the lack of interest in the cryptocurrency impacted the market today, causing nearly $100 million to be liquidated in just an hour. This forced many investors to close their positions, causing the price of Bitcoin to fall from $109,000 to $100,000.
Trump appoints Carolyn Pham as acting chair
Although Trump did not mention anything about cryptocurrencies today, he is quietly taking action. Trump has been active in appointing several crypto-friendly members to oversee the market. He has now named Caroline Pham, a senior official at the U.S. Commodity and Futures Trading Commission, as acting chair. Five members of the U.S. Commodity Futures Trading Commission have confirmed her to the role, according to Bloomberg.
Also read: Trumpcoin Crash? failed to maintain support
Fan, a Republican nominated by former President Joe Biden, led multiple digital asset projects at the U.S. Commodity Futures Trading Commission. She initiated the Digital Asset Market Subcommittee and proposed a regulatory framework for digital assets. In 2023, she advocated the establishment of a “US regulatory sandbox” to support new technologies and proposed a digital asset pilot program.
However, neither the Trump team nor the commissioner’s office confirmed the news.
But the good news is that today, the SEC issued a statement saying goodbye to SEC Chairman Gary Gensler, who has led the agency since April 2021. Gensler’s departure coincides with the start of Donald Trump’s second term.
