PakGazette– Bitcoin fell on Monday, reversing course after a weekend rally, as increased market volatility following President-elect Donald Trump’s two memecoin launches dented sentiment toward the crypto markets.
Traders were also nervous ahead of Trump’s inauguration later Monday, with the president-elect expected to sign a flurry of executive orders outlining policy changes. But it’s still unclear what these changes would entail, although Trump has promised more cryptocurrency-friendly policies during his term.
fell 2.5% to $102,481.9 at 00:28 CET (05:28 GMT).
Trump and Melania memecoin volatility affects crypto appetite
Crypto markets initially cheered the launch of Trump’s memecoin, $TRUMP, which accelerated dramatically since its launch on Friday. The token was seen rising over 7000% within hours of its launch, gaining a market cap of over $14 billion.
But the token was then subjected to heavy profit-taking, falling sharply from its weekend peaks.
Trump also received criticism for launching a new memecoin themed after future First Lady Melania Trump, $MELANIA, and cryptocurrency traders raised some concerns about the ethical implications of Trump taking advantage of his political status to spin speculative markets in his favor. .
The launch of $TRUMP, of which the president-elect owns a significant amount of tokens, greatly increased his personal wealth, at least on paper.
Trump’s policies in the spotlight as inauguration approaches
Trump will take office starting at 12:00 ET (17:00 GMT) on Monday.
The president-elect has promised to implement cryptocurrency-friendly regulations during his second term and has promised to make the United States the “crypto capital” of the world.
While Trump nominated several pro-crypto candidates for key regulatory positions, markets were unsure what policies he will outline, given that some of his most ambitious promises, such as a Bitcoin Strategic Reserve, could require approval from Congress.
Uncertainty over the impact of Trump’s policies on the broader economy, especially given his hardline stance on immigration and trade, kept risk appetite subdued.
Crypto Price Today: Altcoins Track Bitcoin Losses
Broader cryptocurrency prices followed Bitcoin’s losses as they also lost strength following the weekend rally.
The world’s No. 2 cryptocurrency fell 0.3% to $3,287.29, while it fell 3.4% to $3.0939.
and fell between 5% and 11%, while among meme tokens, it lost 7.5%.
