The post Nearly $100 Million Worth of Positions Liquidated After Trump Omits Crypto in Inauguration Speech appeared first on Coinpedia Fintech News
After Donald Trump’s active involvement in the crypto market, including the launch of his own meme coin, market analysts expected him to discuss the future of crypto during his inauguration speech. However, Trump concluded his speech without mentioning cryptocurrency, leading to a decline in Bitcoin’s price to around $100,000 and causing $100 million in total liquidations.
Trump’s Lack of Crypto Mention Not a Full Reversal
During his campaign, Trump won support from top crypto industry leaders by promising to relax U.S. regulations. He vowed to commute Ross Ulbricht’s life sentence, counter “Joe Biden’s crusade to crush crypto,” and prevent the development of a central bank digital currency, citing concerns over government surveillance of transactions.
During the inauguration speech today, Donald Trump praised his support for innovation, but he did not mention cryptocurrencies specifically during his inauguration speech.
He said, “There’s no nation like our nation. Americans are explorers, builders, innovators, entrepreneurs, and pioneers. The spirit of the frontier is written into our hearts.”
Additionally, in a document called “President Trump’s America First Priorities,” which was emailed by the press secretary’s office, there was no mention of cryptocurrencies either. However, this does not mean that Trump took a 180 degree turn from crypto as the president is increasingly bullish.
Also read: Bitcoin Price Dips: Trump’s Presidential Speech Snubs Bitcoin and the Future of Crypto
According to Reuters, Trump is expected to sign executive orders on his first day in office, which may include forming a crypto council and making sure companies can work with banks. Last week, The Washington Post also reported that Trump might sign executive orders to cancel the U.S. Securities and Exchange Commission’s controversial crypto accounting rules, known as SAB 121.
However, today’s lack of mention of cryptocurrencies has affected the market, leading to nearly $100 million being liquidated in just an hour. This forced many investors to close their long positions, causing the price of Bitcoin to drop toward $100,000 from $109,000.
Trump Names Caroline Pham As Acting Chair
Though Trump didn’t mention anything about crypto today, he’s silently taking actions. Trump has been actively appointing several crypto friendly members to oversee the market. He has now appointed Caroline Pham, a leading official at the U.S. Commodity and Futures Trading Commission, as the acting chair. According to Blooemberg, the CFTC’s five members confirmed her in this role.
Also read: TRUMP Coin Crash? Fail to Hold Support
Pham, a Republican nominated by former President Joe Biden, has led several digital asset projects at the CFTC. She initiated the Digital Asset Markets subcommittee and proposed a regulatory framework for digital assets. In 2023, she advocated for a “U.S. regulatory sandbox” to support new technologies and proposed a pilot program for digital assets.
However, neither the Trump team nor the commissioner’s office has confirmed this announcement.
But the good news is that today, the SEC issued a statement bidding farewell to SEC Chair Gary Gensler, who has led the agency since April 2021. Gensler’s departure coincides with the start of Donald Trump’s second term in office.
