Is crypto’s ‘Trump effect’ short-lived?
A post-inauguration cooldown wasn’t unexpected, one analyst told Cointelegraph, but if Trump’s promises stall, “market sentiment will dampen further.”
Many in the crypto community believed that US President Donald Trump’s second-term election would send Bitcoin prices skyrocketing, and it did — from $69,374 on Election Day (Nov. 5) to a record $108,786 when the new administration took office on Jan. 20.
But since that time, the price of Bitcoin (BTC) has mostly fallen, dropping below $80,000 on Feb. 28 — a 26% decline.
The new administration stormed into office committed to establishing a strategic crypto reserve, crypto-friendly cabinet appointments, and market-structure reform legislation, among other changes. It has mostly delivered on its promises so far.
