Here’s why Bitcoin and altcoin prices disappointed after Trump crypto summit speech
Bitcoin and altcoin prices fell after former US President Donald Trump delivered a speech at a crypto summit. During the speech, Trump emphasized his support for the crypto industry and mentioned promoting the Strategic Crypto Reserve initiative. However, the market reacted negatively due to the lack of specific details on new policies or support measures.
Before the speech, Bitcoin hit a weekly high of $87,453, but later fell to $84,000. Ethereum also fell to $1,965, while altcoins such as Dogecoin, IOTA, and JasmyCoin fell more than 4%. The total cryptocurrency market capitalization fell 1.5% to $2.74 trillion.
The decline also reflected market sentiment following the US Federal Reserve's decision and concerns about the timing of a rate cut. In addition, the upcoming “Three Witches” event, when over $4.5 trillion worth of options contracts expire, also contributed to volatility in the stock and crypto markets.
Although Trump’s speech did not provide any new bullish catalysts, data from the derivatives market shows that the bullish sentiment remains, with total liquidations in the past 24 hours reaching $159.59 million, of which short positions accounted for $90.66 million, surpassing long liquidations of $68.94 million.
Overall, the crypto market continues to be highly volatile, reflecting its sensitivity to global economic and political factors.
