Bitcoin Retreats After Hitting New Record High As Trump Avoids Mention Of Crypto During Inauguration Speech

The price of Bitcoin, the world’s biggest and best-known cryptocurrency, hit a new all-time high near $109,000 on Monday as hopes grew for a strategic BTC national reserve but swiftly dropped to the $103K zone after President Donald Trump’s silence on crypto at his inauguration speech. Bitcoin Sheds 5% After Trump Inauguration After surging to a new record high of $108,786 on Monday morning, Bitcoin lost 5% of its value to trade at $103,279 as of press time. President Trump’s Official TRUMP also succumbed to selling pressure, plunging over 43% over the last 24 hours to change hands at $38.60. In his inauguration speech, Trump trumpeted his support for innovation, though he didn’t specifically make mention of crypto. “There’s no nation like our nation,” Trump declared. “Americans are explorers, builders, innovators, entrepreneurs, and pioneers. The spirit of the frontier is written into our hearts.” Many crypto observers had expected the new president to address crypto in some form, including discussing the establishment of the highly-awaited national Bitcoin strategic reserve. Others speculated that he might mention the $TRUMP and $MELANIA meme coins that launched over the weekend and sparked a speculative frenzy. However, he did not mention these newly launched meme coins either. Trump’s Plans For Bitcoin While the previous Biden administration lodged unrelenting attacks on the nascent crypto industry over the last four years, Trump has vowed to nurture the crypto industry, appoint pro-crypto regulators, and allow entrepreneurs to launch products without fear of lawsuits. Previously skeptical, Trump has repeatedly voiced support for Bitcoin as a strategic asset, outlining plans for the creation of a U.S. BTC reserve to boost economic stability. It was revealed last week that Trump is reportedly poised to issue executive orders that encompass abolishing the U.S. Securities and Exchange Commission’s controversial accounting guidance. The new administration is also planning to issue an executive order to set digital assets as a “ national priority .” Overall, traders are hoping that a slew of Trump-issued crypto executive orders in the coming days will embolden the bulls and reverse the current bearish price movement.