Bitcoin (BTC) Retreats From All-Time High Above $109K, Market Disappointed as Trump Ignores Crypto on First Day in Office

President Donald Trump assumed the oval office on January 20, post his inauguration event. While crypto market had pinned their hopes on an executive order or declaration of crypto as a national “priority” on the first day the crypto President takes office, it was a disappointing day for pro-crypto audiences.

Bitcoin (BTC) price action saw a rapid correction on Tuesday after traders anticipated some mention of cryptocurrencies in President Donald Trump’s speech at the inauguration event. However, Bitcoin price dropped to $105,000 after the event concluded with no mention of crypto.

Despite the correction, BTC price remained 15% higher than last week and close to its all-time high of $109,000. Top altcoins, Ethereum (ETH) and XRP (XRP), also saw their recent gains get wiped out.

Bitcoin price dropped to $105,000 after Trump inauguration event left crypto traders disappointed

After assuming the oval office on Jan. 20, President Trump completed his first day in office without any mention of cryptocurrencies. While many traders had pinned their hopes on an executive order or a declaration of crypto as a national “priority,” the event concluded without any attention given to the digital asset class.

Bitcoin price had surged to a new all-time high above $109,000 ahead of the inauguration event. But as the event progressed without any mention of crypto, BTC price began to correct rapidly.

Top altcoins, like ETH and XRP, also saw their recent gains get wiped out. XRP price dropped by 10% over the past 24 hours, while ETH price fell by 5%.

Despite the correction, BTC price remained 15% higher than last week and close to its all-time high. But the lack of attention given to cryptocurrencies by the Trump administration left many traders disappointed.

Crypto traders expected Trump to announce a Bitcoin strategic reserve

During his campaign, Trump promised a Bitcoin strategic reserve and pro-crypto policy and regulation. The crypto community largely supported Trump after his campaign received donations from Political Action Committees powered by crypto firms and protocols in the U.S.

After Trump signed over 80 executive orders on his first day back in office, Bitcoin was notably missing from the agenda. But the crypto community remained hopeful that a Bitcoin strategic reserve would be realized.

However, the inauguration event concluded without any mention of cryptocurrencies, leaving many traders disappointed. But the lack of attention from the Trump administration could also indicate that cryptocurrencies are not a high priority for the government.

Bitcoin price could still be impacted by unfulfilled promises

With the Trump administration showing little attention to cryptocurrencies, it remains to be seen whether a Bitcoin strategic reserve will materialize in the U.S. or take priority over other changes to the world’s largest economy.

However, crypto traders will likely continue to monitor the situation closely for any updates or announcements related to cryptocurrencies.