A cartoon image of US President-elect Donald Trump with cryptocurrency tokens, depicted in front of the White House to mark his inauguration, displayed at a Coinhero store in Hong Kong, China, on Monday, Jan. 20, 2025.
Paul Yeung | Bloomberg | Getty Images
Bitcoin and other cryptocurrencies sank on Tuesday, as bullish investor sentiment surrounding cryptocurrencies cooled after President Donald Trump’s inauguration.
TRUMP, a token launched last week that represents the new U.S. leader, plunged as much as 22% in 24 hours, according to CoinGecko data. Meanwhile, a meme token released Sunday by first lady Melania Trump, crashed 58% in a day.
Bitcoin sank about 5% to $102,589, while ether and XRP were down 3% and 5%, respectively.
Crypto investors have hailed Trump’s arrival to the White House as a positive moment for the industry. The president has promised to introduce policies supportive of cryptocurrencies, including an accommodating regulatory framework and a federal bitcoin hoard.
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