Bitcoin (BTC) experienced a sharp decline today, falling to the $100,000 level after climbing above $109,000 during the day following President Donald Trump’s inauguration speech.
The world's largest cryptocurrency was around $106,000 when Donald Trump started his speech, but then it fell to $100,333 at its lowest point.
Chart showing the fluctuation in the BTC price after Trump's speech, which started at 20:00.
The fact that the speech did not mention Bitcoin or the possibility of a US strategic Bitcoin reserve, a concept that has sparked speculation in the crypto community, disappointed cryptocurrency enthusiasts and was the reason for the decline.
Trump’s campaign promises hinted at a friendlier stance toward crypto than his predecessor, whose administration was widely seen as hostile to the industry. Trump’s initial appointments, including David Sacks, a venture capitalist and former PayPal COO, as the White House “Chief of AI and Crypto,” and Paul Atkins, a crypto advocate, as head of the Securities and Exchange Commission (SEC), signaled an intent to integrate crypto into broader policy discussions.
But Trump’s approach has not been without controversy. Over the weekend, the administration caused a stir with the surprise launch of a Trump memecoin, which was soon followed by a similar token associated with Melania Trump. The move has even sparked backlash among Trump supporters, with Castle Island Ventures’ Nic Carter calling the memecoin launches “completely illogical” and accusing the administration of “plunging to new depths of stupidity.”
*This is not investment advice.
