Donald Trump’s memecoin launch is causing a lot of fireworks and spectacle on the crypto market. Bitcoin initially responded well, but suddenly fell below $100,000 again last night. During that crash, more than $1 billion worth of positions were liquidated.
In the meantime, however, the Bitcoin price is trading above $100,000 again. What’s going on here?
Volatility is back
It’s safe to say that volatility is back, and we all owe it to Donald Trump. Today is also the day that he will start as the next president of the United States, but most of the volatility was of course due to the launch of his memecoin.
It shot up by tens of billions of dollars in a short time, and that of course causes an explosion of greed in the market. After all, those are the returns that can change lives.
In any case, for Bitcoin it caused a flood of volatility.
The price rose at its highest point this weekend to $106,300, before falling to $99,700 overnight. Fortunately, at the time of writing, the price is already $ 101,600.
I see top signals everywhere
The pseudonymous analyst Bluntz is apparently not too happy with the launch of Trump’s memecoin. “I see top signals everywhere. I think we are at a point in the cycle where it is advisable to take some chips off the table,” he wrote on Elon Musk’s X.
At the moment everything seems to be slowly turning green again, but last night a sea of red was briefly visible. In any case, it is advisable to be careful in the coming days.
Trump’s inauguration scheduled for today will provide optimism, but there are also some underlying bearish signals for the market. The high interest rates on the bond markets in particular could bite in the coming weeks.
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Source: https://newsbit.nl/ruim-1-miljard-aan-liquidaties-na-crash-van-bitcoin/
