Cryptocurrency markets fell to their lowest levels in six weeks after the US President said he had saved them.
Former SEC Chairman Gary Gensler and his “anti-crypto army” nearly destroyed the U.S. cryptocurrency industry by pushing bitcoin, perpetual cryptocurrencies and innovation overseas, but “Trump saved it,” the president said on Truth Social on Wednesday.
“America is now the cryptocurrency capital of the world, and builders and entrepreneurs are returning to the United States where they belong.” He added.
“Under my leadership, we will codify a future-proof digital asset market structure that cannot be undone by crypto haters. The new frontier of finance is being built in America, and Trump will never let crypto down!”
In a separate post, he said: He said“As we are currently the cryptocurrency capital of the world, other countries are trying hard to replace us in this capacity, but we will not allow that to happen. It is a major industry, and we must protect it.”
BTC is at a six-week low, and ETH is below $2K
Under normal market conditions, such comments from a global leader would have sent markets rebounding.
But this is a brutal bear market, and they did the opposite, losing nearly 3% while wiping out more than $80 billion.
Over the past 24 hours, around 165,000 traders were liquidated, with total liquidations amounting to $928 million, 93% of which were long positions. According to To Quinglass.
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Bitcoin fell 3.2%, falling to $72,800, its lowest level since mid-April. The asset has now lost 8% over the past two weeks and is heading back towards the $60,000 area.
BREAKING: Bitcoin price fell by -$1,600 and fell below $73,000 in the last 60 minutes.
More than $480 million worth of long positions were liquidated. pic.twitter.com/cfZajGkauN
– Bull Theory (@BullTheoryio) May 28, 2026
Meanwhile, the price of Ethereum fell below the psychological level of $2,000, falling more than 4.4% to $1,975, its lowest level since the end of March. Altcoins were a sea of red and cryptocurrencies Exodus Continue as the bear market deepens.
“Retail trading has erupted with ‘buy the dip’ calls towards ETH as a result of this drop below a key psychological support level.” I mentioned saint.
“This usually means that the price may fall a little, due to the optimism of the public (which usually gets the forecast wrong).”
Resuming US strikes on Iran
Markets came under further pressure when the United States launched a new wave of military strikes on Iran late on Wednesday.
The strikes targeted an Iranian military site while the US shot down four Iranian drones, which posed a threat around the Strait of Hormuz. According to To Reuters.
“These actions were calculated, purely defensive, and aimed at maintaining the ceasefire,” one official told the site. Meanwhile, Iran responded by attacking a US base in Kuwait.
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