Bitcoin’s price has fallen by more than 6.5% from its recent all-time high above $109,000, trading around $101,948 as of Jan. 21. The drop came after US President Donald Trump failed to mention Bitcoin or cryptocurrency in his inauguration speech and did not issue expected crypto-related executive orders.
Market Disappointed by Trump’s Silence on Crypto
Crypto traders had anticipated Trump would reference digital assets, a US Strategic Bitcoin Reserve, or repeal the SEC’s controversial rule “SAB 121.” His silence led to a shift in sentiment, triggering a sell-off as investors moved into a risk-off mode.
Leveraged Liquidations Accelerate the Drop
The price decline was exacerbated by significant liquidations in the derivatives market, with over $259 million liquidated in the past 24 hours. On Jan. 20 alone, $354 million in leveraged positions were wiped out, including $214 million in long positions.
Despite the pullback, Bitcoin remains above the critical $100,000 level, though analysts warn it could test support at $90,000 in the coming weeks if selling pressure continues.
Source: Cointelegraph
