Official Trump Cryptocurrency Jumps on Treasury Secretary Confirmation

The recently launched meme coin was up 6.5% over the past 24 hours of trading in a day of bullish momentum for the broader market.

The Official Trump cryptocurrency (CRYPTO:OTI) continued its ascent on Tuesday as President Trump edges closer to completing his new administration.

What Happened: Official Trump was up 6.5% over the past 24 hours of trading.

Bitcoin (CRYPTO:BTC) was up 2.7% and Ethereum (CRYPTO:ETH) was up 2.2% over the same time frame.

A 68-to-29 Senate vote on Monday confirmed Scott Bessent as President Trump’s Treasury secretary.

Crypto investors reacted positively to Bessent's confirmation.

Official Trump also saw positive rebound trading on Tuesday as investors reacted to sell-offs on Monday.

The sell-offs were spurred by artificial intelligence software DeepSeek R1 and macroeconomic risk factors.

Background: Hedge fund manager and billionaire investor Bessent easily cleared a Senate vote on Monday to become the U.S.’s next Treasury secretary.

In addition to favoring extensions of key aspects of the tax cuts enacted during the last Trump administration, Bessent has also expressed support for the cryptocurrency industry.

Prior to Bessent's confirmation, President Trump appointed him to an advisory group on cryptocurrencies and other digital assets formed via executive order on January 23.

The new crypto group is now evaluating the creation of a U.S. digital assets reserve and will provide a verdict and guidance on the potential project within 180 days of the order's issuance.

Crypto investors broadly saw Bessent's confirmation as a positive development, and the Official Trump cryptocurrency saw strong gains in Tuesday's trading.

The bullish momentum helped the token bounce back from broad-based market sell-offs connected to the DeepSeek R1 AI model and fears that the Fed could keep interest rates at current levels or even serve up a rate increase this year.

Related Link: More Officials Appointed To President Trump's Cryptocurrency Advisory Group

What's Next: Official Trump has seen big valuation swings since its launch on January 17.

The meme coin surged in its first day of trading and is still up roughly 350% since its debut, but the token price is also down approximately 63% from its peak.

It's likely that the cryptocurrency meme coin will continue to see great volatility.

As a meme coin that has the unprecedented distinction of being affiliated with a sitting U.S. president, the Official Trump token could continue to see significant pricing moves in conjunction with news stories connected to the new administration.

Overall moves for the broader crypto market will also continue to have an effect.

But given that the token's current valuation and future pricing outlook are highly speculative, the cryptocurrency comes with enormous risk and could face outsize pressures if macroeconomic or crypto industry conditions worsen.