A funny cartoon of the US President-elect Donald Trump surrounded by cryptocurrency tokens, in front of the White House on his inauguration day, seen at a Coinhero store in Hong Kong, China, on Monday, Jan. 20, 2025.
Paul Yeung | Bloomberg | Getty Images
Bitcoin and other digital currencies took a hit on Tuesday, after the excitement over cryptocurrencies waned following President Donald Trump’s inauguration.
TRUMP, a new token representing the US President, saw a steep drop of 22% in just 24 hours, according to CoinGecko data. Additionally, a meme token created by the First Lady Melania Trump crashed by 58% in a single day.
Bitcoin experienced a 5% decline, reaching $102,589, while ether and XRP also dropped by 3% and 5% respectively.
Crypto enthusiasts initially welcomed Trump’s presidency as a positive development for the industry, anticipating supportive policies such as a favorable regulatory environment and the government accumulating bitcoin.
This is a developing news story. Stay tuned for further updates.