Investing.com– Bitcoin fell sharply from record highs on Tuesday as traders looked to President Donald Trump for more advice on crypto policy, after he signed a slew of executive orders on his first day in office.
Crypto markets rallied on Monday ahead of Trump’s inauguration, particularly amid reports that the president will issue pro-crypto executive orders upon taking office.
But Trump has so far not mentioned crypto policy, and his orders have instead focused on several other campaign promises, including TikTok, trade and the energy sector.
down from record highs above $109,000 on this trend, with uncertainty over Trump’s plans for trade tariffs also weighing on risk appetite. The world’s largest cryptocurrency was trading up 5.2% at $101,820.7 by 01:32 ET (0632 GMT).
Crypto markets were also shaken by Trump’s launch of two memecoins – $TRUMP and $MELANIA, which increased volatility in the sector despite being well received by traders.
Trump uncertainty weighs on crypto
Crypto markets have been waiting for some executive orders from Trump, after the president did not mention the industry in a flurry of executive orders signed through Monday.
Trump has threatened trade tariffs against Canada and Mexico, declared a national emergency in the energy sector and even allowed the social media platform TikTok to extend the ban it publicly opposes.
But the president — who campaigned on a pro-crypto platform — hasn’t signed any executive orders related to the industry. Media reports prior to his inauguration indicated that members of the crypto industry, such as Circle CEO Jeremy Allaire, expected pro-crypto orders “soon.”
Bitcoin reached an all-time high by this term, although it only briefly held those levels.
$TRUMP, $MELANIA volatility hurts crypto sentiment
Despite some hopes for Trump’s policies, sentiment toward crypto markets was also disrupted by the president’s launch of two memecoins.
While trader demand for $TRUMP was initially strong, memecoin saw wild swings after a sharp drop from weekend highs. Data from Coinmarketcap showed that memecoin has a market cap of $7 billion, roughly half of its peak over the weekend.
The launch of $MELANIA, named after the First Lady, was met with less enthusiasm, as traders raised some ethical questions about Trump’s use of his political position to sway speculative markets to his advantage. Both tokens have significantly increased the president’s personal net worth, at least on paper.
Crypto price today: atlcoins slide tracking Bitcoin
Broader cryptocurrency prices fell in tandem with Bitcoin, as the market was fueled by the lack of Trump’s cryptocurrency-focused orders.
World no. 2 token fell 5.2% to $3,238.23, while it fell 3.8% to $3.0528.
and slid between 3.8% and 7%, while among meme tokens it lost 6.1%.
