Bitcoin, $TRUMP slump following Trump's disregard for cryptocurrencies in inaugural speech

Nowhere mentioning cryptocurrencies in his inaugural speech, US President Donald Trump is said to have disappointed entire sphere of digital currencies
The image shows an artists imagination of bitcoins stacked on top of each other. — Pixabay

The image shows an artist's imagination of bitcoins stacked on top of each other. — Pixabay

After touching jaw-dropping highs ahead of US President Donald Trump's inauguration, renowned cryptocurrencies including Bitcoin and $TRUMP, the US president's recently launched digital currency token, slipped on Tuesday after his first set of policies nowhere mentioned virtual assets.

With Bitcoin dropping to $101,705.40 on Tuesday after being traded at a historical high of $109,071 a day earlier, the remarkable nosedive comes on the heels of Trump taking oath as the 47th US president.

Similarly, $TRUMP, the Trump-branded meme coin, which he himself launched on Friday last week, was down to $34.4 on Tuesday after reaching its peak of $74.59 on Monday, Reuters reported while citing data issued by cryptocurrency price tracker CoinGecko. 

$TRUMP was priced at $6.5 at the time of debut.

By nowhere mentioning cryptocurrencies in his inaugural speech on Monday, the US president is said to have disappointed the entire sphere of digital currencies, which for months was eagerly bracing for a deluge of policies in the US in favour of cryptocurrencies.

“I think in the short term there’s a chance this could be a sell-the-news event,” said Matthew Dibb, chief investment officer at crypto asset manager Astronaut Capital.

“The market has some great expectations about a bitcoin strategic reserve and a loosening of regulations around digital assets, but it’s more likely these developments will be drip-fed over a series of months rather than days,“ Dibb remarked.

The crypto geek added that potential crypto investors had long hoped for some executive actions to be reflected during Trump’s first day as the US president.