Here is what happened yesterday in the crypto market:
Solana and Memecoins Drop as Trump’s Speech Disappoints
The crypto market experienced significant price fluctuations on Donald Trump’s inauguration day, particularly among Solana and various memecoins. Traders anticipated crypto mentions in the president’s speech, leading to heightened expectations which ultimately resulted in disappointment when Trump’s address did not touch upon cryptocurrency at all. This disappointment led to over $700 million in liquidations across the market.
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Bitcoin Dips Following Trump’s Inauguration Speech
Bitcoin’s price retraced from its recent highs as traders reacted to the lack of crypto discussion in Trump’s inauguration speech, delaying hopes for a U.S. strategic bitcoin reserve. The absence of such mentions hints at continued uncertainties surrounding digital asset policies in the new administration.
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Major Exchanges Prepare to List Trump’s TRUMP Token
Coinbase and Binance announced plans to list Donald Trump’s official TRUMP token after a successful market debut. Despite initial hurdles for the token’s listing, this move signals a growing interest in Trump’s influence on the cryptocurrency market.
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Google Searches for Crypto Surge as Memecoins Take Off
Interest in cryptocurrencies surged, reflected by skyrocketing Google searches for “how to buy crypto.” This uptick aligns with market excitement surrounding Trump’s memecoin launch, indicating a shift in retail interest toward digital assets.
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Implications of Trump’s Memecoin on U.S. Regulations
The introduction of Trump’s TRUMP memecoin is viewed as a positive development for crypto builders in the U.S., potentially marking a new regulatory era following stricter policies under the previous administration. Analysts speculate this shift could revitalize interest and innovation in the crypto space.
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