PakGazette– Bitcoin fell sharply from record highs on Tuesday as traders looked to President Donald Trump for more clues about his 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, especially amid reports that the president would issue pro-crypto executive orders upon taking office.
But Trump has so far made no reference to crypto policy, and his orders have focused on several other campaign promises, including TikTok, trade and the energy sector.
fell from record levels of over $109,000 on this trend, and uncertainty over Trump’s plans for trade tariffs also weighs on risk appetite. The world’s largest cryptocurrency fell 5.2% to $101,820.7 at 01:32 ET (0632 GMT).
Crypto markets were also shaken by Trump’s launch of two memecoins: $TRUMP and $MELANIA, which increased volatility in the sector despite being received positively by traders.
Trump’s uncertainty weighs on cryptocurrencies
Crypto markets were awaiting some executive orders from Trump, after the president made no reference to the industry in a series of executive orders signed as of Monday.
Trump threatened to impose trade tariffs on Canada and Mexico, declared a national emergency in the energy sector and even allowed the social media platform TikTok an extension on implementing a ban he publicly opposed.
But the president, who had campaigned on a pro-cryptocurrency platform, did not sign any orders targeting the industry. Media reports before his inauguration showed that members of the cryptocurrency industry, such as Circle CEO Jeremy Allaire, expected pro-cryptocurrency calls “imminently.”
Bitcoin had reached record highs on this notion, although it only held those levels briefly.
$TRUMP and $MELANIA Volatility Affects Crypto Sentiment
Despite some hopes for Trump’s policies, sentiment towards crypto markets was also affected by the president’s launch of two memecoins.
While trader demand for $TRUMP was initially strong, the memecoin saw wild swings after falling sharply from weekend highs. Data from Coinmarketcap showed that the memecoin had a market cap of $7 billion, about half of its weekend peaks.
The launch of $MELANIA, named after the First Lady, was met with less enthusiasm, with traders raising some ethical questions about Trump taking advantage of his political position to influence speculative markets in his favor. Both tokens substantially increased the president’s personal net worth, at least on paper.
Crypto Price Today: Atlcoins Slides Bitcoin Tracking
Broader cryptocurrency prices fell along with Bitcoin as the market was disappointed by Trump’s lack of cryptocurrency-oriented orders.
The world’s 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, it lost 6.1%.
