PK Press Club– Bitcoin fell on Thursday after a short-lived rally following hype around President Donald Trump’s more crypto-friendly policies, with his recently launched memecoin also posting steep losses.
Cryptocurrency markets have benefited from fleeting support from the Securities and Exchange Commission, which, under new leadership, announced it would form a task force to help advise on regulating cryptocurrencies.
Markets let up as Trump failed to sign any crypto-related executive orders during his first days in office, despite several industry players’ hopes for such a move.
The launch of , which has seen sharp price swings since its debut, has also contributed to increased volatility in the markets, while the hype around artificial intelligence has caused high-risk traders to turn more to stock markets.
fell 2.9% to $102,600.2 at 12:54 a.m. ET (0554 GMT). The world’s largest cryptocurrency briefly hit an all-time high above $109,000 before Trump’s inauguration this week, but has since seen sharp declines.
Bitcoin down as Trump boost fades
Bitcoin largely failed to maintain its gains this week as optimism over crypto-friendly policies under Trump appeared to be short-lived.
Although the SEC’s announcement portends progress toward friendlier regulation, the commission has provided few details on the policies that will be covered by its task force. The SEC also did not provide a timeline for new regulation.
A major point of contention in crypto markets was also that Trump had not signed any crypto-related executive orders, while his threats of tariffs on major economies dented risk appetite.
Trump’s memecoin, $TRUMP, slipped 13.7% to $37.413 on Thursday, slipping further from record highs of nearly $80 reached just after its launch. The token has raised some concerns about the ethics of Trump using his influence to increase his personal wealth.
The president was seen largely avoiding questions about the billions of dollars in paper gains he likely made from $TRUMP.
Blackrock’s Fink sees Bitcoin at $700,000
BlackRock (NYSE:) CEO Larry Fink made positive comments on Bitcoin, stating that he believed the crypto could reach a price of $700,000 if more people adopted it, due to concerns about the economic and political stability of their country.
Fink told Bloomberg that he believes in using Bitcoin as an international instrument, although he clarified that he is not promoting crypto.
BlackRock launched an exchange-traded fund last year that tracked the spot price of Bitcoin-iShares Bitcoin Trust (NASDAQ:). The launch initially attracted a deluge of capital flows in early 2024, although flows have stagnated since.
Crypto Price Today: Altcoins Follow Bitcoin Losses
Prices of broader cryptocurrencies have fallen alongside Bitcoin. The world’s No. 2 crypto fell 3% to $3,216.16, while that fell 0.7% to $3.1404.
and sank between 2% and 4%, while among meme tokens, lost 3.8%.
