Bitcoin and other digital assets faced a downturn on Tuesday (January 21) after President Donald Trump’s first day in office left crypto enthusiasts feeling underwhelmed. The world’s largest cryptocurrency dropped 1.3% to $104,452 in the past 24 hours, according to data from the Kraken exchange, trading about 4% below its previous record high.
Tokens launched by the Trump family on Friday also saw significant declines. The Official Trump token fell 29% to around $38, while the Melania Meme coin tumbled 54%, dropping to just over $4, based on Kraken data.
Despite months of anticipation, Trump’s inauguration day turned out to be uneventful for the crypto market. While the 47th president signed several executive orders, none specifically addressed the digital-asset sector.
The lack of immediate action left investors disappointed. Trump had built a crypto-friendly reputation during the 2024 election campaign, promising to establish a strategic Bitcoin reserve. Market participants may also be locking in profits after a period of strong gains for digital assets.
“The retreat looks like little more than profit-taking after its recent rally, with traders balancing optimism over growing institutional adoption against caution around regulatory uncertainties,” Hargreaves Lansdown analyst Matt Britzman was quoted as saying by Barron’s website in a research note. “Despite the dip, sentiment remains strong as the market eyes more favorable conditions with Trump in office.”
