As Donald Trump embarked on his second term as president, the anticipated pro-crypto executive orders were conspicuously absent. Despite the crypto community’s high hopes, Trump’s inaugural day concluded with no mention of digital currencies among his 42 executive actions. FOX’s Eleanor Terrett reported, “It’s unclear when exactly those EOs may be signed,” pointing to awaited policies like a ban on a central bank digital currency and the creation of a crypto council.
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Market Dips following Presidential Omission
The lack of crypto acknowledgment from Trump led to significant market fluctuations. Following his silence, Bitcoin dropped around 6% from its all-time high of nearly $109,000, recorded on Jan. 20, while Trump’s Official Trump (TRUMP) memecoin tumbled by 28.5%. Melania’s memecoin (MELANIA) experienced an even steeper fall, plunging 55.3% within 24 hours, information Cointelegraph reported exclusively.
Investors Hold Out Hope amidst Crypto Uncertainty
Despite the downturn, the crypto sector clings to optimism, anticipating strategic decisions from Trump, such as establishing a Bitcoin reserve or issuing a pardon for Silk Road founder Ross Ulbricht. These potential moves hold the power to significantly alter the cryptocurrency landscape. The community remains on edge, ready to respond to any policy changes that may come from the Trump administration in the days ahead.
It’s interesting to see how the implications of presidential actions—or their absence—can dramatically sway market dynamics and investor confidence.
At the time of writing, Bitcoin is sitting at $102,950.20.
