President Donald Trump's Highly Anticipated Crypto Reserve Announcement and the White House Crypto Summit Have Fallen Flat

President Donald Trump’s highly anticipated crypto reserve announcement and the White House Crypto Summit have fallen flat, failing to ignite a crypto market rally.

President Donald Trump’s highly anticipated crypto reserve announcement and the White House Crypto Summit have failed to ignite a crypto market rally. The global crypto space is currently navigating a bearish period with the total market cap slipping to $2.73 trillion, down by 3.09%.

This week begins by witnessing a steep crypto market crash, with top cryptocurrencies facing $685 million liquidation. As the crypto market slides further into bearish territory, the narrative shifts to an interesting turn with Donald Trump’s involvement in the crypto sphere.

According to Matrixport, the perpetual futures funding rates remain low, and the crypto market is failing to attract significant gains despite the much-anticipated Bitcoin reserve adoption and the White House Crypto Summit.

The current market sentiment reveals a notable absence of enthusiasm from retail investors, marking a stark contrast to the heightened funding rates observed in April and December 2024.

Despite high expectations, Trump’s executive order on the Bitcoin reserve did not succeed in sparking a rally in Bitcoin’s price. The highly anticipated crypto summit also concluded without making any significant waves in the crypto market. Instead, these moves preceded a crypto market crash, with top cryptocurrencies falling severely.

$685M Liquidated: Crypto Market Crash Intensifies

Notably, the crypto market has begun the week on a bleak note, with a huge wave of liquidations totaling $685 million in the past 24 hours. This massive sell-off was primarily triggered by Bitcoin’s plummet below $80k.

This rapid sell-off intensified the crypto market crash, creating a ripple effect throughout the cryptocurrency ecosystem.

Significantly, Bitcoin was leading the liquidation frenzy, with a staggering $270.75 million in positions being wiped out. According to CryptoQuant data, Bitcoin’s long liquidations skyrocketed to 14,714 yesterday, marking a significant spike in forced selloffs.

In addition to Bitcoin, other major cryptocurrencies also suffered significant losses. Ethereum (ETH) saw$123.55 million in positions wiped out over the past 24 hours.

Meanwhile, XRP and Solana (SOL) also experienced substantial liquidations, with $32.31 million and $28.79 million in positions respectively being forced to close.

World Liberty Financial Suffers Major TRX Holdings Loss

One notable instance of a large-scale liquidation is World Liberty Financial, a company founded by Donald Trump’s son, Donald Trump Jr., to support the former president’s 2024 presidential campaign.

The firm reportedly invested $150 million in a single crypto project—TRON (TRX)—earlier this year. However, due to the crypto market crash, World Liberty Financial has realized a significant loss on its TRX holdings.

According to a report by the New York Post, World Liberty Financial disclosed a staggering $106 million net loss for the third quarter of 2024.

This substantial loss can be primarily attributed to a massive $110 million impairment charge on its TRON investment. The report further notes that the firm’s revenue for the period was a mere $24 million.