The price of Bitcoin fell as traders anticipated Donald Trump’s cryptocurrency executive order after his inauguration.
In the first hours of taking office… Trump Other non-cryptocurrency executive orders have already been signed, leaving the Bitcoin community waiting for any new pro-crypto guidance.
Trump has signed several executive orders excluding cryptocurrencies
Moments after being sworn in, Donald Trump signed several executive orders. As promised, he pardoned nearly 1,500 people convicted or criminally charged in the January 6 Capitol attack and even initiated immigration enforcement.
Additionally, he rescinded some of Biden’s presidential actions and dropped regulatory burdens on the oil and natural gas industry, which he says will help cool consumer inflation.
Trump even suspended Congress’ ban on TikTok for another 75 days and pulled the US out of the Paris Climate Accords. However, Trump has yet to issue any pro-crypto policy directives.
Trump and Melania launched their own cryptocurrencies ahead of the inauguration, which some investors interpreted as signals that Trump would support the cryptocurrency industry. They expected that he would address the needs of the industry and sign pro-crypto executive orders as promised. The failure to give any guidance so far, amid a slew of other requests, has unnerved cryptocurrency customers.
The top cryptocurrency, Bitcoin, fell 1% to $101,300 as of 9:46 a.m. Tuesday in Singapore.
At the time of writing, Bitcoin’s price is slightly higher, trading at $102,196, representing a 0.30% decline over the past 24 hours.
Other assets, including Ether and Solana, also fell slightly. ether He is under To $3,243, a loss of 1% in the past 24 hours. Trump The official token is also trading at a low price only $32.75down 39.22% in 24 hours despite surpassing the $70 level on Sunday.
The Trump and Melania tokens have sparked mixed reactions from the cryptocurrency community
Trump was reportedly considering issuing an executive order to make digital assets a “national priority.” Even before his inauguration, those close to him hinted that industry leaders should expect at least one crypto executive order within the first 100 days of his administration.
During his election campaign, Trump supported the creation of a national Bitcoin reserve and even claimed that it would make the United States the cryptocurrency capital of the world, raising traders’ expectations.
So far, the Trump and Melania tokens have drawn criticism and support, with some seeing Trump and his family as doing more damage to the reputation of cryptocurrencies. Memes are still considered risky and full of jokes for many, so launching two meme tokens puts Trump in a position where he doesn’t take digital assets seriously.
However, some, such as Ben Elbaz, managing director of HashKey Global, believe that the Trump family’s token issues underscore his commitment to the cryptocurrency industry.
Bernstein’s Gautam Chogani also predicts that a meme based on Trump’s brand and policies will likely last longer, arguing that these new tokens represent a “new regulatory era for cryptocurrencies.”
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