The virtual currency market trembles as Trump, the newly elected president of the United States, is about to deliver his inauguration speech and launch a virtual currency, leading to a frenzied market trend.
At one point, Bitcoin reached $105,000, but as funds flowed towards the virtual currency TRUMP launched by Trump, a siphoning effect has caused some virtual currencies like Ethereum and Avalanche to start showing a downward trend.
With significant volatility in the virtual currency market, the number of liquidations has skyrocketed. CoinGlass data shows that in the past 24 hours, nearly 260,000 people have been liquidated in virtual currencies. Notably, as of the time of this report, in terms of liquidation amounts, TRUMP has surpassed Bitcoin and Ethereum.
On the news front, the U.S. cryptocurrency policy is set for a significant shift, as Trump plans to issue an executive order elevating cryptocurrency to a policy priority and granting industry insiders a voice within his government; this executive order may be released as early as Monday (January 20).
Specifically, this executive order may include: national strategic priorities, a possible suspension of lawsuits involving cryptocurrencies, and consideration of establishing a national Bitcoin reserve. The TRUMP surge alongside another noteworthy news in the crypto space is the Meme coin TRUMP launched by Trump.
On January 18 local time, Trump posted on his social media account announcing the launch of his personal Meme coin TRUMP, instructing users to visit the website 'gettrumpmemes' to acquire this Meme token, which states that TRUMP is the only 'official Trump Meme coin'. After its launch, this virtual currency became extremely popular, opening at $0.1824, and as of the time of this report, TRUMP has surged past $70, which means that since its opening, TRUMP has risen approximately 40,000%.
Analysis suggests that Trump's direct involvement in 'issuing currency' blurs the line between government roles and business interests, with 80% of TRUMP coins owned by the Trump Group, essentially 'profiting from the presidential position'; simultaneously, some believe that the issuance of TRUMP coins marks the opening of the political meme coin market, and its issuance on decentralized exchanges is a significant innovation for the crypto ecosystem, anticipating an explosion of 'on-chain spring'.
Finally, please be cautious when holding such short-term speculative products.#TRUMP市值突破
