PakGazette– Bitcoin fell on Thursday after a brief rally sparked by President Donald Trump’s more crypto-friendly policies, and its recently launched memecoin also posted heavy losses.
Cryptocurrency markets received fleeting support from the Securities and Exchange Commission, which, under new leadership, said it will form a working group to help advise on cryptocurrency regulation.
Markets were left wanting as Trump did not sign any cryptocurrency-related executive orders in his first days in office, despite several industry participants expecting such a move.
The launch of , which has seen huge price swings since its debut, also contributed to increased volatility in the markets, while the hype around artificial intelligence made high-risk traders lean more toward the stock markets.
fell 2.9% to $102,600.2 at 12:54 a.m. ET (05:54 GMT). The world’s largest cryptocurrency briefly hit a record high of more than $109,000 before Trump’s inauguration this week, but has since seen sharp declines.
Bitcoin falls as Trump’s momentum fades
Bitcoin largely failed to maintain its gains this week, as optimism over cryptocurrency-friendly policies under Trump appeared to be short-lived.
While the SEC’s announcement heralds some progress toward friendlier regulation, the commission provided few details about what policies its task force will cover. The SEC also did not provide a timeline for new regulation.
A major point of contention for crypto markets was also that Trump did not sign any crypto-related executive orders, while his threats to impose tariffs on major economies dented risk appetite.
Trump’s memecoin, $TRUMP, fell 13.7% to $37,413 on Thursday, falling further from all-time highs of nearly $80 reached just after its launch. The token raised some concerns about the ethics of Trump using his influence to increase his personal wealth.
The president was seen largely avoiding questions about the billions of dollars in paper profits he had likely made from $TRUMP.
Blackrock’s Fink Sees Bitcoin at $700,000
BlackRock (NYSE 🙂) CEO Larry Fink offered some positive comments on Bitcoin, stating that he believed the cryptocurrency could rise to a price of $700,000 if more people adopted it over concerns about the economic and political stability of their countries.
Fink told Bloomberg that he believed in using Bitcoin as an internationally based instrument, although he clarified that he was not promoting cryptography.
BlackRock last year launched an exchange-traded fund that tracked the spot price of Bitcoin-iShares Bitcoin Trust (NASDAQ:). The launch initially attracted a flood of capital flows in early 2024, although inflows have since faltered.
Crypto Price Today: Altcoins Track Bitcoin Losses
Broader cryptocurrency prices fell along with Bitcoin. The world’s No. 2 cryptocurrency fell 3% to $3,216.16, while it fell 0.7% to $3.1404.
and sank between 2% and 4%, while among meme tokens, it lost 3.8%.
