Pakinomist– Bitcoin fell sharply from record highs on Tuesday as traders looked to President Donald Trump for more signals on crypto policy after he signed a flurry of executive orders on his first day in office.
Crypto markets had rallied on Monday ahead of Trump’s inauguration, particularly on reports that the president would issue pro-crypto executive orders upon his inauguration.
But Trump has so far made no references to crypto policy, with his orders instead focusing on several other campaign promises, including TikTok, trade and the energy sector.
down from record highs above $109,000 on that trend, with uncertainty over Trump’s plans for trade tariffs also weighing on risk appetite. The world’s largest cryptocurrency was trading up 5.2% at $101,820.7 by 01:32 ET (0632 GMT).
Crypto markets were also rattled by Trump’s launch of two memecoins – $TRUMP and $MELANIA, which increased volatility in the sector despite being received positively by traders.
Trump uncertainty weighs on crypto
Crypto markets held out for some orders from Trump after the president did not refer to the industry in a flurry of orders signed on Monday.
Trump threatened trade tariffs against Canada and Mexico, declared a national emergency over the energy sector and even allowed the social media platform TikTok an extension of the implementation of a publicly opposed ban.
But the president — who had campaigned on a pro-crypto platform — did not sign any orders targeting the industry. Media reports ahead of his inauguration indicated that crypto industry members, such as Circle CEO Jeremy Allaire, expected pro-crypto orders “immediately.”
Bitcoin had risen to record highs on this term, although it only briefly held those levels.
$TRUMP, $MELANIA volatility dampens crypto sentiment
Despite some hopes about Trump’s policies, sentiment towards crypto markets was also dampened by the president’s launch of two memecoins.
While trader demand for $TRUMP was initially robust, the memecoin recorded wild swings after falling sharply from weekend highs. Data from Coinmarketcap showed the memecoin had a market cap of $7 billion, about half of the weekend’s peaks.
The launch of $MELANIA, named after the First Lady, was met with less enthusiasm, with traders raising some ethical questions about Trump using his political status to influence speculative markets in his favor. Both tokens boosted the president’s personal net worth significantly, at least on paper.
Crypto price today: atlcoins slide tracking Bitcoin
Broader crypto prices fell in line with Bitcoin as the market was overwhelmed by a lack of crypto-oriented orders from Trump.
World no. 2 token fell 5.2% to $3,238.23, while it fell 3.8% to $3.0528.
and fell between 3.8% and 7%, while among meme tokens lost 6.1%.
