Market updates
Bitcoin Fades From Highs After No Crypto Mentions During Trump's Inauguration Speech
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2025-01-21 | 5m
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%)
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