Bitcoin Breaks Record, Dollar Drops On Trump Inauguration Day
Traders Awaiting Trump's Crypto Executive Order, Bitcoin Falls
The market expected an executive order for the digital assets sector to be issued, but it has not materialized so far amid a series of actions by other presidents.
The largest digital asset was trading at $101,300 in Singapore, down about 1% as of 9:46 a.m. On Tuesday. The token peaked at $109,241 before Trump took office and then fell again.
Before the inauguration, Trump and his wife, Melania, turned the tide and unveiled Mimecoins that roiled the market. Investors later embraced the notion that the move further incentivized Trump to adopt crypto-friendly policies.
Crypto Capital
Bloomberg News previously reported that Trump was considering an executive order to make the asset class a "national priority." Trump once became an avid supporter of the digital asset industry during his campaign after branding Bitcoin a scam. He promised to make the U.S. The world's crypto capital and supported the idea of creating a strategic Bitcoin stockpile.
In the broader crypto market, tokens including Ether and Solana fell. Trump Mimecoins traded around $31, with an overall market value of over $15 billion on Sunday but falling sharply, according to figures from CoinMarketCap.
Trump and Melania's meme coins have been criticized by some industry executives, one of which was due to concerns that they risk making the cryptocurrency look flippant.
Others took different views. Ben El-Baz, managing director of HashKey Global, said tokens launched by Republicans and his team further accelerated Bitcoin's momentum, as retail traders expect his administration to "prioritize and reaffirm his commitment to the crypto industry."
Mimecoins are a kind of cryptocurrency with questionable intrinsic value and high volatility. They can fall as fast as they can, depending on the tailwinds of social media, driving up prices and rising.
A Trump token
An 80% stake in the Trump token is owned by an affiliate of the Trump Organization called CIC Digital LLC and a related organization called Fight Fight LLC. The name of Fight Fight LLC reminds me of what Trump said during his campaign after a bullet brushed his ear. Their stake will be unlocked over a three-year period.
For Bernstein's Gautam Chugani, "meme coins using Trump's brand and politics could potentially last." And while some may "move," he added that this marks the beginning of a "new era of crypto regulation."
According to the website, 200 million tokens were immediately supplied, and the supply is expected to rise to 1 billion within three years.
A small letter on its website states that the token is not intended to be "an investment opportunity, an investment agreement, or any type of securities." Still, major exchanges such as Coinbase Global Inc. And Binance Holdings Ltd. Said they planned to list the token on their platform over the weekend. Robinhood Markets Inc. Also announced Monday that it had listed the token. 카지노사이트
Jonathan Yark, chief quantitative trader at crypto market creator Acheron Trading, said memecoin "confirmed that digital assets, and most importantly bitcoin, will be backed by the United States, which presents a significant opportunity."
