Donald Trumps inauguration as the 47th US president has officially started, and massive volatility hit the crypto market as expected.

Bitcoins price tumbled from over $107,000 to under $102,000 as the market prepares for his actions toward the industry after his numerous promises during the campaign.

It was already a wild day as the primary cryptocurrency dumped to under $100,000 this morning following the Trump familys meme coin saga. However, instead of continuing further south, the asset bounced off and headed toward new peaks.

Just a few hours later, it knocked down the December all-time high and spiked above $109,400 to mark a new record.

More volatility ensued in the hours leading to the start of the inauguration. Yet, BTC had stabilized for a bit at around $107,000 but dropped hard as the ceremony began to just under $102,000.

It has recovered some ground since then, but the total liquidations are still quite high at over $1.1 billion on a daily scale. The single-largest wrecked order took place on Binance and was worth over $15 million.