Bitcoin, the world’s largest cryptocurrency, as well as a new token named after Donald Trump, fell on Tuesday after the newly elected US president’s first series of policies barely touched the asset class.
Bitcoin, which hit a record high of $109,071 on Monday when Trump was sworn in as the 47th US President, began to fall. By 10:01 GMT on Tuesday, it was trading at $102,546.13, but is still up about 9.5% this month. It recently started to edge up slightly at $104K.
The cryptocurrency named after Trump, launched on Friday night, was trading at $37.98 according to CoinMarketCap, having fallen by almost half from its high of around $75 on Monday. At the time, its market cap was over $14 billion. The token launched at around $6.50.
Trump’s inauguration speech on Monday was packed with executive orders and plans on trade tariffs, immigration, energy deregulation, and an amnesty for the popular Chinese short-form video app TikTok. However, there was no mention of cryptocurrencies.
“Digital asset markets were disappointed that there was no mention of them in the inauguration speech or the executive orders on the first day,” said Geoffrey Kendrick, global head of digital assets research at Standard Chartered.
“I expect Bitcoin to continue to decline as long as there is no news from Trump on digital assets. A drop below $100,000 seems inevitable,” he added.
