2025-01-21 01:32:28 by Benzinga

Leading cryptocurrencies failed to rally as expected on Monday after Donald Trump was sworn in as the 47th president of the U.S. CryptocurrencyGains +/-Price (Recorded at 7:30 p.m. ET)Bitcoin BTC/USD+1.57%$101,346.96Ethereum ETH/USD               +1.75%$3,252.20Dogecoin DOGE/USD          -0.76%$0.3515What Happened: Bitcoin fell steadily, reaching an intraday low of $100,626 as the top cryptocurrency failed to capitalize on its surge to fresh highs of $109,000 ahead of the inauguration.  Ethereum followed a similar trajectory, retracing from a high of $3,425 to as low as $3,228. The excitement was likely muted after Trump’s inauguration address made no mention of cryptocurrency or Bitcoin, contrary to expectations. Moreover, lawsuits against the new Elon Musk-headed Department of Government Efficiency affected sentiment around Dogecoin. About $756 million was liquidated from the market in the last 24 hours, including roughly $500 million on upside bets. Bitcoin's Open Interest rose 1.36% in the last 24 hours, coinciding with a similar rise in the spot price. That said, over 51% of derivatives traders had short positions opened for Bitcoin, suggesting expectations of further correction in the days ahead. The market sentiment remained in the "Extreme Greed" zone, according to the Crypto Fear & Greed Index. Top Gainers (24-Hours) CryptocurrencyGains +/-Price (Recorded at 7:30 p.m. ET)Raydium (RAY)+14.71%$7.36ai16z (AI16Z)+13.29%$0.9323Lido DAO (LDO)+12.13%$1.82The global cryptocurrency market capitalization stood at $3.53 trillion, increasing by 1.36% in the last 24 hours. Stock futures spiked during Monday evening as President Trump began his second term. The Dow Jones Industrial Average Futures rose 241 points, or 0.56%, as of 7:30 p.m. EDT.  Futures tied to the S&P 500 gained 0.51%, while Nasdaq 100 Futures added 0.56%. The New York Stock Exchange and Nasdaq were closed on Monday to commemorate Martin Luther King Jr. Day and the markets will resume trading on Tuesday. See More: Best Cryptocurrency Scanners Analyst Notes: Widely followed cryptocurrency analyst Rekt Capital drew attention to the successful retest of $101,000 as Bitcoin's support. "This confluent support may serve as a floor for future price action, enabling consolidation within this current $101,000-$106,000 range," the analyst added. #BTCBitcoin never ceases to amaze with its price actionHarsh rejection from the Range High but the most important takeaway is this:Bitcoin has successfully retested the red diagonal and black Range Low of $101k as supportThis confluent support may serve as a floor for… https://t.co/ZEFwviuIoF pic.twitter.com/MA1Xknbfhf— Rekt Capital (@rektcapital) January 20, 2025Another popular on-chain analyst and chartist, Ali Martinez, identified Ethereum’s $2,700–$3,000 support zone as an area of interest. "This demand area must hold to maintain ETH's bullish outlook. A breakdown could invalidate the positive momentum," Martinez remarked. Photo by Avi Rozen on Shutterstock Read Next:     Trump’s DOGE Committee Faces Lawsuits Over Alleged Federal Advisory Violations, Lack Of Transparency Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.