Bitcoin's price reached a peak of $109,114.88 on the day of President Trump's inauguration, but has since decreased by 23.3%, reflecting a significant downturn in the cryptocurrency market. Following early optimism fueled by Trump's initial pro-crypto moves, like easing SEC regulations, the market saw over $800 billion wiped from its value as enthusiasm waned. Investors now feel let down, expecting more immediate government support for cryptocurrency, which has not materialized in the expected timeframe since the inauguration.
Trump made several early moves to support crypto. After pouring tens of millions of dollars into Trump's 2024 campaign for president, the crypto industry has been paid back handsomely during his first week in the White House.
Bitcoin hit a then-record of $89,623 in November, a week after the election, amid optimism about Trump's plans for crypto-friendly policies. It hit $100,000 for the first time in early December after Trump announced his planned nomination of Paul Atkins to lead the Securities and Exchange Commission.
Bitcoin's drop is part of a wider rout in which over $800 billion of nominal value has been wiped off global cryptocurrency markets in recent weeks, as enthusiasm that swept the crypto industry after Donald Trump's election victory ebbs away.
There has been a recalibration in the expectations of crypto investors who apparently expected Trump to do more to boost the market in the five weeks since his inauguration.
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