Bitcoin retreats as traders await Trump’s pro-crypto policies

The price of Bitcoin  has dwindled as traders anticipate Donald Trump’s crypto executive order following his inauguration.

In his first few hours of office, Trump has already signed other non-crypto executive orders, leaving the Bitcoin community waiting for any new pro-crypto directives.

Trump signs multiple executive orders leaving out crypto

Moments after being sworn in, Donald Trump signed multiple executive orders. As promised, he pardoned roughly 1500 convicted persons or those criminally charged in the January 6 Capitol attack and even started his immigration enforcement.

Additionally, he repealed some of Biden’s presidential actions and dropped regulatory burdens on the oil and natural gas industry, which he argues will help to quell consumer inflation.

Trump even paused Congress’ TikTok ban for another 75 days and withdrew the US from the Paris climate accords. However, Trump has yet to issue any pro-crypto policy directives. 

Trump and Melania launched their crypto tokens before the inauguration ceremony, which some investors interpreted as signals that Trump would support the crypto industry. They anticipated that he would cater to the industry’s needs and sign pro-crypto executive orders as he promised. The failure to give any directives so far, amid a slew of other orders, has crypto leads concerned.

The top cryptocurrency, Bitcoin, even dropped by 1% to $101,300 as of 9:46 a.m. Tuesday in Singapore. 

At the time of writing, the price of Bitcoin had slightly picked up, trading at $102,196, representing a 0.30% dip in the last 24 hours.

Other assets, including Ether and Solana, also tanked slightly. Ether is down to $3,243, a 1% loss in the last 24 hours. Trump’s official token is also trading down at only $32.75, a 39.22% slump in  24 hours despite hitting past the $70 mark on Sunday.

Trump and Melania’s tokens have evoked mixed reactions from the crypto community

Trump was reportedly considering an executive order to make digital assets a “national priority.” Even before his inauguration, those close to him had hinted that industry leads should expect at least one crypto executive order for the first 100 days of his administration. 

During his campaign, Trump supported the establishment of a national Bitcoin reserve and even claimed he would make the US the crypto capital of the world, raising traders’ expectations.

So far, the Trump and Melania tokens have drawn both criticism and support, with some seeing Trump and his family doing more harm to crypto’s reputation. Meme coins are still considered risky and joke-filled to many,  so launching two meme tokens puts Trump in a light where he’s not taking digital assets seriously.

However, some, like Ben El-Baz, managing director of HashKey Global, believe Trump’s family token releases emphasize his commitment to the crypto industry.

Gautam Chhugani of Bernstein also expects that a meme coin based on Trump’s brand and politics could potentially last longer, arguing that these new tokens mark a “new crypto regulatory era.”

Land a High-Paying Web3 Job in 90 Days: The Ultimate Roadmap