Bitcoin took a big hit, dropping fast from $86,187.90 to $82,200 in just hours. Other cryptos also fell hard. Ethereum (ETH) went down 6%, SOL lost 8%, and Dogecoin (DOGE) dropped sharply by 10%.
Donald Trump's administration has no plans to invest in cryptocurrencies despite the former president's promises to make the US the “Crypto Capital of the World,” sparking disappointment among crypto traders who had high hopes for the new US crypto strategy.
Instead, the Trump administration will be using previously seized Bitcoins to form a “Strategic Bitcoin Reserve,” as part of a broader effort to integrate digital assets into the US financial system.
However, this strategy backfired, as it failed to provide the expected boost to crypto prices. On the contrary, a combination of regulatory uncertainty and geopolitical tensions triggered extreme fear across the market, with the Crypto Fear and Greed Index sinking to a worrying 17.
This downturn caused $616.7 million in liquidations across the crypto market, affecting 225,578 traders in the last day, according to data from Coinglass. The biggest single sell order, worth $32.09 million, happened on Binance.
Crypto traders are also keeping an eye on Ethereum (ETH), which is showing signs of weakness as it approaches the crucial $1,700 level. A significant sell wall at this price point could lead to a potential downturn for ETH.
SOL and DOGE also saw significant drops, with SOL falling by 8%, and Dogecoin (DOGE) plummeted sharply by 10%.
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