STORY: Bitcoin and other cryptocurrencies and even the newly minted token bearing Donald Trump’s name recoiled on Tuesday (January 21)
The slide came after the U.S. president’s first set of policies made no reference to the asset class.
Bitcoin, the world’s largest cryptocurrency, had hit a record high over $109,000 on Monday when Trump was sworn in as the 47th U.S. President.
But it later pared those gains and was last trading at over $101,000
The Trump-branded meme coin, launched on Friday, was last trading at $34.4, according to crypto price tracker CoinGecko.
That’s half its peak price on Monday, when valuation exceeded $14 billion.
Trump’s inaugural speech was accompanied by a host of executive orders.
They included plans relating to trade tariffs, immigration, energy deregulation and even a reprieve for popular Chinese short-video app TikTok.
But he did not mention cryptocurrencies.
That disappointed an industry that had for months been excited the crypto-friendly president would kick-start a change in U.S. policies towards the volatile asset class.
