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Bitcoin fell 5% after Trump avoided mentioning cryptocurrencies in his inaugural address, disappointing market expectations. Bitcoin’s dominance continues to rise, and expectations for altcoin season are delayed.
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Bitcoin has fallen 5% from its all-time high after President Donald Trump avoided mentioning cryptocurrencies in his inaugural address as the 47th president of the United States.
Many people are wondering whether President Trump will mention Bitcoin, discuss the creation of the long-anticipated Strategic Bitcoin Reserve, or declare that the United States is the world’s leading crypto nation. I expected him to work on virtual currency in some way.
Others speculated that he might mention the Trump and Melania meme coin launched over the weekend, but he didn’t mention cryptocurrencies at all.
Adding to the market’s disappointment was a report from Punchbowl News at noon, just as the inauguration began, which made it clear that President Trump’s congressional priorities did not include any mention of cryptocurrencies. It means that it has become.
Bitcoin soared to an all-time high of $109,000 in the early morning hours as traders prepared for Trump to be sworn into office.
However, once the Punchbowl report surfaced, the cryptocurrency plummeted, reaching just over $100,000. At the time of writing, Bitcoin had partially recovered and was trading at $103,000, but was still 5% below its peak for the day.
Before taking office, Trump’s actions had sparked optimism in the market. He appointed David Sachs, a venture capitalist and former COO of PayPal, as the White House’s “AI and crypto czar.”
Additionally, it nominated Paul Atkins, a veteran Washington insider and strong supporter of cryptocurrencies, to chair the Securities and Exchange Commission.
Despite Bitcoin’s partial recovery, the overall crypto market remains in red territory, down 4.2% in the past 24 hours, according to CoinGecko data.
Bitcoin’s dominance continues to rise, rising from 57% on Friday to nearly 59% at the time of writing. As Bitcoin gains momentum, the altcoin rally could be further delayed.
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