Despite Trump’s promises to support the cryptocurrency industry, his inauguration did not have any potential impact on the sector, which is probably the main reason for the cooling of the market.
Bitcoin and other cryptocurrencies fell on January 21 as investor enthusiasm for cryptocurrencies waned following the inauguration of US President Donald Trump. CNBC reported this on Tuesday, January 21.
In particular, the Official Trump token fell 26% in one day, according to CoinGecko data. In addition, the meme token created by Melania Trump lost almost half of its value in one day.
Bitcoin also showed a decline. In the morning, its price fell by 5%, but over time it recovered slightly, reaching $104.375. XRP, one of the least popular cryptocurrencies, fell 4%. Ethereum price remained stable.
Despite Trump’s promises to support the cryptocurrency industry, his inauguration did not have any potential impact on the sector, which is probably the main reason for the cooling of the market.
Expert Kenneth Lamont from Morningstar advised investors to be alert, noting that the cryptocurrency market is subject to high volatility.
“We will see the growth of cryptocurrencies when what Trump promised should be patient,” Lamont emphasized.
Let’s remember that just yesterday, January 20, the rate of the world’s largest cryptocurrency surpassed the new historical mark of 109 thousand dollars.
We remind you that US President-elect Donald Trump presented his cryptocurrency. A few hours after the launch, the capitalization of $Trump reached almost $5.5 billion.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.