PK Press Club–Bitcoin fell sharply from record highs on Tuesday as traders looked to President Donald Trump for more clues on crypto policy, after he signed a series of executive orders on the first day of his mandate.
Crypto markets had rallied on Monday ahead of Trump’s inauguration, particularly amid reports that the president would hand out pro-crypto executive orders as soon as he takes office.
But Trump has so far made no reference to crypto policy, with his orders instead focusing on several other campaign promises, including TikTok, trade and the energy sector.
fell from a record high of more than $109,000 on this trend, with uncertainty over Trump’s tariff plans also weighing on risk appetite. The world’s largest cryptocurrency was trading down 5.2% at $101,820.7 as of 1:32 a.m. ET (06:32 GMT).
Crypto markets were also shaken by Trump’s launch of two memecoins, $TRUMP and $MELANIA, which increased volatility in the sector despite positive reception by traders.
Trump uncertainty weighs on crypto
Crypto markets have been awaiting some executive orders from Trump, after the president made no reference to the industry in a flurry of executive orders signed through Monday.
Trump has threatened tariffs against Canada and Mexico, declared a national emergency in the energy sector and even authorized the social media platform TikTok to extend the implementation of ‘a ban which the public opposed.
But the president – who had campaigned on a pro-crypto platform – did not sign any orders addressing the industry. Media reports ahead of his inauguration showed that members of the crypto industry, such as Circle CEO Jeremy Allaire, were “imminently” expecting pro-crypto orders.
Bitcoin reached record highs on this notion, although it only held those levels briefly.
$TRUMP and $MELANIA Volatility Weakens Crypto Sentiment
Despite some hopes regarding Trump’s policies, sentiment towards crypto markets has also been shaken by the president’s launch of two memecoins.
While trader demand for $TRUMP was initially robust, the memecoin saw wild swings after falling sharply from weekend highs. Data from Coinmarketcap showed that memecoin had $7 billion in market capital, about half of its weekend highs.
The launch of $MELANIA, named after the First Lady, was met with less enthusiasm, with traders raising ethical questions about Trump exploiting his political position to influence speculative markets in his favor. Both tokens significantly increased the president’s personal net worth, at least on paper.
Crypto price today: atlcoins slide tracking Bitcoin
Prices of broader cryptocurrencies fell alongside Bitcoin as the market was disappointed by Trump’s lack of cryptocurrency-focused orders.
The world’s No. 2 token fell 5.2% to $3,238.23, while it fell 3.8% to $3.0528.
and slipped between 3.8% and 7%, while among meme tokens, lost 6.1%.
