Bitcoin Dips Slightly After Trump's Official Inauguration

Donald Trump has officially become the 47th president of the United States, ushering in a period of pro-crypto administration that promises to fuel the explosive growth of Bitcoin and the entire market.

Bitcoin prices once plummeted from over $109,500 to below $102,000 as the market held its breath waiting for concrete actions from the new administration on the crypto industry after a series of campaign pledges.

However, Bitcoin quickly recovered, although the total amount of liquidations remained very high, exceeding $1.1 billion. Of which, the largest liquidation order took place on the Binance exchange, reaching a value of over $15 million.

According to analytics platform IntoTheBlock, 100% of Bitcoin holders are currently in profit, thanks to the strong price increase right before President Donald Trump’s inauguration. The last time all BTC holders were profitable was in November, when the crypto craze exploded after Trump’s election victory. At that time, Bitcoin rose from around $80,000 to a new all-time high, surpassing $108,000.

With a more open attitude and friendly policies, the Trump administration is trying to turn the United States into a Bitcoin hub. During the campaign, he pledged to issue a series of regulations supporting the crypto industry in the first 100 days in office, in order to promote domestic growth.

In addition, President Trump also promised to fire the Chairman of the US SEC Gary Gensler on his first day in office. In fact, Gary Gensler resigned and was replaced by Paul Atkins, a crypto advocate. This change opens up the expectation of ending the long-running legal battles with Binance and Ripple.