Crypto Crash: 70% of Binance Coins Plummet After Election Frenzy

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Oh, snap! 70% of cryptocurrencies on Binance have taken a nosedive, trading lower than their pre-US election prices.

While the broader market has been feeling rather bullish, these poor little coins are struggling to keep up. It’s like watching your favorite cartoon character trip and fall flat on their face.

Election Hype Frenzy Fizzles as Cryptocurrencies Trade Lower

In an X post, analyst ltrd took a closer look at the price movements of cryptocurrencies before and after the elections. The results? Well, let’s just say it’s not a pretty picture.

“Nearly 70% of coins are now trading lower than they were before the elections!” the post read.

While some coins managed to pull off a decent performance, the majority have been left in the dust. The top-performing assets included Hedera (HBAR), XRP (XRP), Mantra (OM), Stellar (XLM), and VeThor (VTHO).

On the other hand, some assets experienced a sharp decline. This list included Nerio (NEIRO) and THORChain (RUNE), BOOK OF MEME (BOME), ConstitutionDAO (PEOPLE), and dogwifhat (WIF).

One of the most interesting revelations from the analyst’s data was the timing of market peaks. According to him, the crucial period for traders was between December 3rd and December 9th—almost 80% of coins hit their peak during this short window.

The analyst emphasized the importance of timing in trading, as market opportunities can vanish within days. 🕰️

TRUMP Coin Frenzy Drains Liquidity

Many investors had expected that Donald Trump’s election victory would trigger a new bull run for cryptocurrencies. However, rather than boosting the market, the Official Trump (TRUMP) meme coin frenzy drained liquidity, leaving traders feeling like they’d been hit by a wrecking ball. 💥

Crypto analyst Otto Suwen likened the current conditions to the 2022-2023 bear market. He explained that many altcoins experienced a strong rally following Trump’s election victory, but the momentum faded quickly.

The launch of the TRUMP token significantly impacted on-chain liquidity. Traders anticipated that profits from TRUMP would be reinvested into other assets. However, the subsequent launch of Melania Meme (MELANIA) created further turmoil.

“Alts are massacred across the board. This isn’t your traditional 50% retrace either. It’s -90% on so many popular picks. Volume is looking bleak as well. We went from alt season being imminent to down only with a flip of a switch,” Suwen described.

He added that Bitcoin (BTC) has yet to experience a major correction, raising concerns about additional volatility.

“While I don’t think we have topped yet, this has been the hardest cycle I’ve experienced in 8 years,” he concluded.

This sentiment aligns with other analysts’ concerns.

“We wanted Trump to Pump the market for us and be a Crypto legend. Instead he and his wife launched shitcoin, Dumped on all of Crypto investors, now imposed Tarrif on imports and Dumping the market further,” one user wrote on X.

President Trump recently announced a 25% tariff on imports from Mexico and Canada and a 10% tariff on goods from China. The immediate market reaction was severe. The total market capitalization lost approximately $300 billion in value overnight. 💸

The combination of aggressive trade policies and volatility in the cryptocurrency market has left investors on edge, fueling concerns about the sustainability of the current bull cycle.

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2025-02-10 09:36