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Cryptocurrency News Articles
Bitcoin and Trump Token Price Drop: What Investors Need to Know
Jan 21, 2025 at 06:02 pm
As the cryptocurrency market reacts to the newly inaugurated President Donald Trump, both Bitcoin and the Trump-branded token have seen dramatic declines in value.
Bitcoin and the Trump-branded token both experienced significant drops in value following the inauguration of President Donald Trump, leaving many in the cryptocurrency industry disappointed.
Bitcoin, the leading cryptocurrency, reached an impressive all-time high of $109,071 on the day of the inauguration but fell to $101,705.40 shortly thereafter. Meanwhile, the much-discussed Trump token, which surged to a peak of $74.59, was last valued at $34.4, losing half its worth within days.
The sell-off in Bitcoin began as the clock struck midnight on the East Coast, kicking off Trump’s presidency. Bitcoin had been rallying in anticipation of Trump’s inauguration, with prices rising steadily throughout the morning hours. However, as the afternoon wore on and Trump's inaugural address failed to mention cryptocurrencies, traders began to sell off their holdings en masse.
The sell-off in the Trump token was also dramatic, as the token had rallied sharply in recent days amid anticipation over the new president. However, the token's price came under pressure on Monday as the enthusiasm surrounding Trump's presidency waned.
The drops in value come despite anticipation surrounding Trump's presidency, which had led to expectations of a more favorable regulatory environment for cryptocurrencies. However, his inaugural address made no mention of digital assets.
"Everybody was expecting something grand, and then there was nothing," said Mati Greenspan, senior market analyst at eToro, a multi-asset investment platform. "People were buying the rumor and then there was no follow-through, so they sold the fact."
Bitcoin had been rallying in recent months on optimism over Trump. Some traders had hoped for an announcement regarding favorable cryptocurrency regulation, but others had remained skeptical.
"Bitcoin had been rallying so much in the morning, but then there were traders who had been waiting for something big on crypto from Trump, and when nothing came up, they just started selling it,” said Greenspan.
"There were a lot of people who had been thinking that Trump would mention Bitcoin in his speech, but then when he didn't, everybody just started selling. It was funny because everybody had been talking about how Bitcoin would go up if Trump mentioned it, but then when he didn't, everybody just started selling."
The sell-off in Bitcoin was particularly pronounced on cryptocurrency exchanges in South Korea, where premiums over U.S. prices had reached record levels in recent weeks. Bitcoin was trading at around $103,000 on South Korean exchange Bithumb on Monday afternoon.
"There were a lot of people who had been buying Bitcoin at very high prices in South Korea, and then when they saw the price dropping in the U.S., they started panic selling," said Greenspan. "It was a chain reaction, and by the end of the day, the price had dropped significantly."
Meanwhile, Trump is already making waves in regulatory circles by nominating new leadership at the Securities and Exchange Commission (SEC), which could impact how cryptocurrencies are governed.
The drops in value also come amid concerns over the ethical implications of Trump's crypto ventures, with his business affiliate, CIC Digital, holding a significant ownership stake in the Trump token.
As excitement and skepticism swirl around the future of cryptocurrencies, investors may need to brace for continued volatility and shifting policies in the months to come.
Disclaimer:info@kdj.com
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- Rex Shares and Osprey Funds File Proposals for Spot Bitcoin (BTC), Ethereum (ETH), and $TRUMP Memecoin (TRUMP) ETFs
- Jan 22, 2025 at 09:00 am
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- Jan 22, 2025 at 09:00 am
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