- President Trump did not sign crypto-related executive orders on Day 1.
- Crypto prices slumped after Donald Trump’s swearing-in as U.S. President.
- Analysts remain hopeful about crypto-friendly policies in the future.
On his first day in office, U.S. President Donald Trump signed several executive orders. However, none addressed the cryptocurrency industry, leaving market participants wondering about the administration’s stance. According to journalist Eleanor Terrett, crypto leaders are optimistic about potential policies under Trump’s leadership.
Expectations for a Crypto Council and CBDC Ban
In a recent post on X, Terrett noted that industry leaders anticipate Trump signing an executive order to establish a cryptocurrency council. Another expected order could prohibit the creation of a Central Bank Digital Currency (CBDC) in the United States. Despite these expectations, Terrett mentioned it remains unclear when such actions might occur.
The broader crypto market saw a slight decline following Trump’s inauguration. Bitcoin dropped from its pre-inauguration rally, which pushed it to an all-time high of $109,356, as per TradingView.
Ethereum, the second-largest cryptocurrency by market capitalization, fell almost 5% following President Trump’s inauguration. The altcoin reversed its early gains, dropping from a $3,448 daily high to close the trading day at $3,280.
Many other cryptocurrencies experienced price trajectories similar to those of Bitcoin and Ethereum. They surged earlier in the day, signaling optimism ahead of Trump’s swearing-in, but seem to have lost the pre-inauguration momentum less than 24 hours afterward.
Related: Trump’s Crypto Orders: SEC Reforms and a Presidential Crypto Council
Despite the slight pullback, crypto enthusiasts remain hopeful about President Trump’s future actions toward the crypto industry. The new President has delivered some of his campaign promises by signing related executive orders.
Trump’s initial actions have boosted his supporters’ confidence, including those from the crypto sector. Many of them believe the President will initiate crypto-friendly policies. The only question is whether he will do so sooner or later.
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Source: https://coinedition.com/crypto-prices-tumble-as-president-trump-sidesteps-action-on-day-1/