Donald Trump has been officially sworn in as the 47th President of the United States of America in an official ceremony that unfolded on Monday even as Bitcoin’s price turned “volatile,” reflecting the market’s reaction to this major political shift.
After reaching an all-time new high ahead of the swearing-in ceremony, the price of Bitcoin dropped as soon as the address of Donald Trump began. Referring to the nation of America as the land of dreamers and ambitious achievers, Trump promised to restore the greatness of the US in his fresh presidential tenure.
However, in his almost 30-minute speech, Trump conspicuously avoided mentioning crypto or bitcoin, much to the dismay of fans.
The trajectory of BTC has been highly positive in Q4 of 2024 based on what the new government policies might mean for the economy. Trump has promised to turn the US into the Bitcoin capital of the world and ensure that every “single remaining Bitcoin is mined in the U.S.A.”
The initial decline of BTC was short-lived, as Bitcoin quickly began to recover, signaling resilience and the ongoing confidence of long-term investors in the cryptocurrency market.
At the time of writing, the price of Bitcoin is going downward and has reached $101,966. In the hours leading up to Trump’s inauguration, Bitcoin had reached an all-time high of $109,114.88, setting a new peak for the cryptocurrency.
Trump’s victory means a lot for the local crypto community in the U.S. that has long aspired for a liberal chairperson at the Securities and Exchange Commission (SEC) and clearer crypto regulations.
Additionally, the recently launched Trump coin has also experienced a sharp drop in value, falling to $36.70, down 42.55% in the last 24 hours.
Also Read: Trump Hails ‘Trump Effect’ Amid Market and Bitcoin Surge
