Market Update 20th January 2025
By Shikha Singh
On Friday, Trump introduced the “Official Trump” meme coin, which quickly gained massive attention, skyrocketing to a nearly $15 billion market cap and briefly breaking into the top 10 largest cryptocurrencies.
However, the market experienced significant turmoil when Melania Trump launched her own meme coin on Sunday, causing a sharp decline in the value of Trump’s token, which dropped by 50% at one point.
This led to a domino effect across the broader crypto market, including BTC, which fell below $100,000 temporarily, as well as altcoins like SOL, DOGE, ADA, AVAX, and others, which saw declines of 6-8%.
The meme coin debacles resulted in massive liquidations, with around $1.2 billion in liquidated positions and over 400,000 traders affected.
The introduction of these meme coins by the Trump family has raised concerns about their impact on the stability and integrity of the cryptocurrency market, with both positive and negative consequences unfolding in real-time.
As of today Bitcoin (BTC) soared to a new all-time high just under $110,000, driven by a surge in bullish momentum.
This rise occurred just hours before the inauguration of Donald Trump as president. BTC’s market capitalization reached over $2.1 trillion, making it the seventh-largest asset, ahead of companies like Amazon and Alphabet.
Bitcoin is now trading at $108,047 up 4% in the last 24 hours.
Ethereum the second largest cryptocurrency was trading at $3,386 up near 5% in the last 24 hours.
The dramatic shifts in the crypto space were also amplified by the launch of meme coins backed by the president-elect and his wife.
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