Crypto markets saw wild price swings on Monday during Donald Trump’s inauguration as heightened excitement turned to disappointment after he declined to mention crypto during his first speech.

The broad market crypto benchmark CoinDesk 20 Index fell more than 5% during the ceremony, while bitcoin (BTC) fell to $101,000 from $106,000 before stabilizing around $103,000. Layer-1 network Solana (SOL), which was at the center of this weekend’s crypto frenzy of Trump-related memecoins, led losses among altcoin majors, down nearly 10% from its recent lifetime record.

TRUMP, Donald Trump’s official memecoin, which launched Friday at Solana, surged 30% from $50 during Trump’s speech. It later recovered some of its losses, but was still down by approx. 20% from its session high. MELANIA — the symbol named after First Lady Melanie Trump and launched a day after TRUMP — plunged as much as 46% before paring some of the losses.

Read more: Bitcoin fades from highs after no crypto mentions during Trump’s inauguration speech

The volatility also wiped out leveraged crypto trading positions en masse, liquidating over $700 million of derivatives across all digital assets on exchanges through Monday, CoinGlass data shows. Nearly $500 million in liquidated positions bet that prices would rise.

Including the overnight sell-off before the inauguration, total liquidations in the past 24 hours bring the total to over $1.2 billion, marking the biggest wipeout of leverage this year.

Anticipation for Trump’s presidency was huge in the crypto industry, expecting friendlier policies towards digital assets after years of regulatory uncertainty and containment. However, the launch of Trump-linked meme tokens just days before he took office sparked a speculative frenzy on crypto trading platforms and angered several prominent figures inside and outside the industry.

“It’s completely absurd that he would do this,” Nic Carter, founding partner at crypto investment firm Castle Island Ventures, told Politico. “They are touching new depths of idiocy with the memecoin launch.”

Congresswoman Maxine Waters, the top Democrat on the House Financial Services Committee, was the latest to condemn the action.

“This meme coin represents crypto at its worst and shows why many regulators, lawyers and politicians have long been concerned,” she said in a Monday statement. “These actions by President Trump will also further tarnish the crypto industry, which has long fought for legitimacy and a level playing field with other financial institutions.”