With the beginning of Donald Trump’s presidency, expectations ran high for a new wave in the cryptocurrency market. However, disappointment followed as Trump did not mention cryptocurrencies during his inaugural address. This led investors to panic, resulting in a significant drop in Bitcoin’s value.
Eyes on MicroStrategy’s Shareholder Meeting
The market’s volatility triggered by Trump’s silence resulted in the liquidation of $816 million in cryptocurrency futures within the past 24 hours. Bitcoin’s volatility became particularly pronounced during this tumultuous period.
QCP Capital analysts view the upcoming shareholder vote by MicroStrategy as a critical inflection point for the market. The decision to be discussed could significantly impact the number of shareholders. Speculation about the outcome’s influence on Bitcoin’s price is already a hot topic.
States Consider Establishing Independent Cryptocurrency Reserves
In another development, eight states in the U.S. are planning to create their own independent cryptocurrency reserves, with states like Texas and Massachusetts leading this trend. Reports suggest that five more states are showing interest in this initiative.
Speculation about Trump potentially establishing a national Bitcoin 
$77,420 reserve is creating significant uncertainty in the market. According to QCP Capital analysts, if the U.S. President takes action on this front, it could trigger a new rally in the cryptocurrency market. However, analysts emphasize that the current market is closely monitoring state-based decisions.
Furthermore, QCP Capital analysts expect the high volatility affecting Bitcoin to persist in the coming days.
