Bitcoin (BTC) is fading fast after U.S. President Donald Trump failed to make any mention of cryptocurrencies in his inauguration speech.
Earlier in the day on January 20, the price of BTC hit an all-time high above $109,000 amid eager anticipation of Trump’s return to the White House. However, Bitcoin’s price has since fallen to $103,500 after there was no mention of crypto in Trump’s publicly televised inauguration speech.
On the campaign trail last year, Trump talked up Bitcoin and crypto at every opportunity, vowing to make the U.S. the “crypto capital of the planet,” and talking of establishing a strategic Bitcoin reserve for America. However, Trump completely left out any mention of crypto from his speech in Washington, D.C. At the same time, a report showing Republican congressional priorities also doesn’t mention crypto.
Market Peak?
The crypto frenzy that has gripped markets since Trump won re-election on November 5 appeared to peak over the past few days after the president and his wife Melania each issued their own crypto meme coins called “Trump Coin” and “Melania Coin.”
While the new meme coins ignited a speculative frenzy that sent Trump Coin as high as $75 per digital token, some analysts are warning that a crypto bubble might burst now that Trump is back in the presidency. On Polymarket, the betting odds of a strategic Bitcoin reserve being created during Trump’s first 100 days in office have fallen to 45% from 60% earlier in the day on January 20.
Is BTC a Buy?
Most Wall Street firms don’t offer ratings or price targets on Bitcoin, so we’ll look at the cryptocurrency’s three-month performance instead. As one can see in the chart below, the price of BTC has risen 56.92% in the last 12 weeks.
