Donald Trump's inauguration as the 47th President of the United States sent shockwaves through the cryptocurrency market. Bitcoin and other digital assets, including a Trump-branded meme coin, took a significant hit after his swearing-in ceremony. Bitcoin's value plummeted from an all-time high of $109,071 to $101,705.40, sparking concerns among investors.
The Trump-branded meme coin wasn't spared either, with its value dropping by nearly 50%. The coin's valuation plummeted from $74.59 to $34.4, leaving crypto enthusiasts and analysts watching closely.
What's notable is that Trump's inaugural speech made no mention of cryptocurrencies, despite high expectations from the crypto community for favorable policies. Matthew Dibb, chief investment officer at Astronaut Capital, pointed out that the market had hoped for immediate executive actions, particularly regarding a Bitcoin strategic reserve and loosening of regulations. However, Dibb speculated that such developments would be gradual, fueling further volatility in the crypto space.
Despite the uncertainty, Trump's administration could bring more favorable policies for cryptocurrencies. His appointment of Mark Uyeda as acting chair of the U.S. Securities and Exchange Commission (SEC) and plans to nominate Paul Atkins for the permanent role could lead to more regulatory clarity for crypto businesses.
However, Trump's involvement in the cryptocurrency market has raised ethical concerns. His launch of the $TRUMP token and the $MELANIA token, associated with his business ventures, has led to questions about potential conflicts of interest.
In contrast, hoswever, on Monday, January 20, Cryptocurrency BITCOIN soared to new heights, hitting an all-time record of USD109,200, as excitement builds around the return of Donald Trump to the White House. The crypto market is buzzing with optimism fueled by Trump-inspired memecoins and the anticipation of pro-crypto policies under his leadership.
Adding a unique twist to the crypto boom, Trump-inspired memecoins, $TRUMP and $MELANIA, have also taken the market by storm yesterday. These tokens quickly reached a market capitalization of over USD15 billion before a sharp correction. Their popularity has sparked both excitement and controversy, temporarily shifting focus away from Bitcoin.