On Monday, following Donald Trump’s inauguration, the cryptocurrency market saw a notable pullback. Bitcoin dropped 5.7% from its all-time high (ATH) of $109,356 on Jan. 20, settling at $103,092. Contrary to expectations of a post-ceremony rally, BTC and several other cryptocurrencies declined, though most remained higher than the previous day’s prices.
The global crypto market cap showed a slight 1.5% increase, reaching $3.55 trillion. Trading volumes surged by 21% compared to Sunday, with $354.87 billion traded in 24 hours—$132 billion involving bitcoin and $171 billion in tether (USDT).
Not all coins fared well: the meme token MELANIA dropped 52.11%, and POPCAT fell by 12.95%. Meanwhile, crypto derivatives saw heavy liquidations, with $826.58 million wiped out, primarily from long positions in bitcoin and ethereum.
Despite the hype around Trump’s return, the market reaction remained muted, with no mention of digital assets in his speech. This highlights the crypto market’s complex dynamics, where political events don’t always dictate investor sentiment.