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Recent Volatility in the Cryptocurrency Market
In the past two days, the cryptocurrency market has experienced significant fluctuations, leading to over 170,000 margin calls. Even more shocking to the market was Trump's announcement on his social media platform of the launch of his personal Meme coin, TRUMP, which saw its value increase by over 10 times within a day.
Bitcoin's Volatile Performance
Bitcoin surged straight from around 97,000tobreakthrough105,000, followed by some retraction, dipping below 103,000duringthesession,withanintradaydropofover1,100.
Massive Shorting on Ethereum
A large influx of funds entered the market to short Ethereum, causing an intraday decline of nearly 6%. According to Zerohedge, Ethereum short positions hit an all-time high.
Massive Losses in the Cryptocurrency Market
The cryptocurrency market experienced significant turbulence, leaving many investors in the red. According to Coinglass, within 24 hours, over 176,000 people globally faced margin calls, with the total amount of liquidated funds approaching $500 million.
Trump Launches "Presidential Coin"?
On January 18th, U.S. President-elect Trump announced on his social media account the launch of his personal Meme coin, TRUMP. Users need to visit the website "gettrumpmemes" to obtain this Meme token.
The tweet stated, "It's time to celebrate our victories! Join my 'Trump Community'. Get your TRUMP token. Have fun!"
Initially, the market suspected his account had been hacked, but Trump's personal X account also posted the same content afterward.
Subsequently, the TRUMP coin gained immense popularity. According to reports, after Huobi listed the TRUMP token at 17:40 that day, its price surged by 1,250%, quoted at 21 USDT.
According to CoinGecko data, the market capitalization of the TRUMP coin reached 4billion,rankingfourthamongMemecoins,
Renewed Euphoria in the Cryptocurrency Market
As Trump's inauguration approaches, the cryptocurrency market experiences renewed euphoria. Latest data shows that the total market capitalization of cryptocurrencies exceeds $3.57 trillion, with Bitcoin accounting for 57.2%.
Trump continues to express optimism about the cryptocurrency market.
Trump plans to ease the regulatory burden on cryptocurrency companies and establish an advisory committee. According to reports, multiple sources revealed that Trump plans to use executive power to ease the regulatory burden faced by cryptocurrency companies after taking office. It is expected that upon taking office, Trump will sign an executive order to establish a cryptocurrency advisory committee, an idea he first proposed in July last year.
Additionally, this week's rebound in the cryptocurrency market is also related to increased expectations of interest rate cuts by the Federal Reserve. Overall, most global risk assets have strengthened recently, as markets have renewed their bets on further interest rate cuts by the Federal Reserve after the release of U.S. inflation data.
Binance CEO Richard Teng posted that according to Triple-A data, currently, over 562 million people globally own cryptocurrencies.
Statistics show that the total value locked (TVL) in Bitcoin decentralized finance (DeFi) experienced significant growth in 2024. Bitcoin DeFi's TVL grew from 307millioninJanuary2024to6.5 billion on December 31st, an increase of over 2,000%. Among them, the Bitcoin staking and restaking platform Babylon accounts for over 80% of the total TVL in Bitcoin DeFi.
On January 17th, crypto analyst Ali posted on social media that Bitcoin had broken through a cup-and-handle pattern, suggesting a potential upside target price of $276,400.