Bitcoin Holds Above $100K, Trump Memecoin Marks 'Fundamental Shift' in Digital Asset Landscape: Market Wrap

Bitcoin held above $100,000, with VET, ENA, LINK and LDO posting notable gains a day after President Donald Trump bypassed mentioning crypto or a strategic bitcoin

Bitcoin held above $100,000 on Monday, as a ‘sell-the-news’ event was largely sidestepped by major cryptocurrencies, despite a lack of mention for crypto or a strategic bitcoin reserve in President Donald Trump's inauguration speech.

However, signals from the bitcoin options market pointed towards heightened expectations for short-term price turbulence, accompanied by growing risk aversion among traders since Trump's swearing in.

"Markets received a stark reminder of life under President Trump, with more volatility-inducing rhetoric," QCP Capital noted.

Despite this, major crypto remained resilient in their price action.

"Bitcoin managed to remain firmly above $101K, sidestepping the feared ‘sell-the-news’ effect," said Valentin Fournier, an analyst at BRN. While regulatory progress and adjustments to national reserves may take time, conditions are expected to improve in the coming weeks, Fournier added.

Meanwhile, the debut of the TRUMP memecoin over the weekend marked "a fundamental shift in the American digital asset landscape," ultimately attracting new buyers, particularly into BTC and SOL, according to Laurent Benayoun, CEO of Acheron Trading.

"This phenomenon can be seen as a dual narrative: a significant value creation in TRUMP, initially driven by intra-market rotation, which later sparked fresh capital inflows as fundamental investors recognized the broader positive catalysts for digital assets," Benayoun added. Stay alert!

Don't Miss It: Donald and Melania Trump Memecoins Inspired Copycat Tokens. Now, One Just Rug Pulled for Millions of Dollars

A spoof X account impersonating Barron promoted a BARRON token, which quickly gained traction, reaching a peak market cap of $87 million.

Initially, a large amount of liquidity was added to the token to make it appear legitimate and encourage trading. However, it seems the token was designed to deceive from the start. Once the token reached a high buy volume, all liquidity was removed from the token pools, causing the price to crash.

On-chain watchers estimated at least $1 million worth of Solana’s SOL tokens were extracted in the rug pull, based on initial buying and final selling transactions.