Short Traders Stunned as Trump’s Digital Asset Endorsement Fuels $3T Market Rebound
Trump’s rhetorical influence over cryptocurrency valuations resurfaced as the sector’s aggregate market capitalization jumped 11.28% to $3.12 trillion Sunday afternoon. In a Truth Social post, he proclaimed the imminent formation of a strategic digital asset reserve, suggesting SOL, XRP, and ADA could potentially feature in its composition. Shortly thereafter, he revisited the platform to spotlight bitcoin and ethereum, amplifying momentum across major tokens.
“And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be the heart of the Reserve. I also love Bitcoin and Ethereum,” the 47th President of the United States said.
Bitcoin vaulted to an intraday pinnacle of $95,064, marking an 10.6% gain. At current valuations, BTC hovers 14% beneath its historic zenith. ETH outpaced its peer, climbing 12.3% to $2,485, while XRP soared 34.6%, SOL advanced 24.9%, and ADA catapulted a staggering 65.1% against the dollar.
The abrupt ascent of digital assets ignited a torrent of derivatives liquidations. Over the past 24 hours, $626.21 million evaporated from markets, including $83.92 million in BTC short positions obliterated within the final hour. Today’s chaos ensnared 139,770 traders, with bearish bets unraveling most catastrophically.
Trump’s commentary once again illuminated his gravitational pull on digital markets. His pronouncements not only reinvigorated speculative fervor but also unleashed a domino effect of frenetic trading, leaving countless participants scrambling. This episode crystallizes the precarious symbiosis of political rhetoric and cryptocurrency valuations, urging vigilance in a realm where fortunes pivot on a social media post.
Source:news.bitcoin.com
