Bitcoin, other cryptocurrencies retreat as Trump’s speech is silent on digital assets 

Bitcoin, the world’s largest cryptocurrency, had surged to a record high of $109,071 on Monday during Trump’s swearing-in ceremony.

However, by 10:01 GMT on Tuesday, it had dropped to $102,546.13, still reflecting a 9.5% gain for the month of January.

The newly launched Trump-branded cryptocurrency also saw a steep decline. Initially priced at $6.50 during its Friday night launch, the token peaked at $75 on Monday, giving it a market valuation exceeding $14 billion.

However, it has since halved in value to $37.98, according to data from CoinMarketCap.

President Trump’s inaugural address focused on trade tariffs, energy deregulation, immigration policies, and a reprieve for TikTok, but the absence of any mention of cryptocurrencies left the digital asset market deflated.

According to Reuters’ report, Geoffrey Kendrick, Global Head of Digital Assets Research at Standard Chartered, expressed disappointment:

“The digital asset market is disappointed to not have been mentioned in the inauguration speech or day-one executive orders. I suspect Bitcoin will go lower in the absence of news from Trump on digital assets. A break below $100,000 seems inevitable.” 

The report also quoted Matthew Dibb, Chief Investment Officer at Astronaut Capital, who suggested the market may be experiencing a “sell-the-news” event:

“The market had great expectations about a bitcoin strategic reserve and relaxed regulations around digital assets. However, it seems more likely these developments will be gradual rather than immediate. Further volatility and likely a selloff are expected.” 

Despite the market’s initial disappointment, Trump has taken steps that could reshape the regulatory landscape for cryptocurrencies.

Meanwhile, the launch of Trump’s $TRUMP token and $MELANIA token, named after the former first lady, has sparked ethical concerns and debates about potential conflicts of interest.