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As Donald Trump was inaugurated as the 47th President of the United States, Bitcoin prices experienced a notable correction, and the Solana-based TRUMP meme coin plummeted by over 40% within 24 hours. Investors, however, are maintaining cautious optimism, awaiting potential new executive orders and announcements from World Liberty Financial (WLF).
According to reports from Cointelegraph on January 21, Bitcoin initially surged past $110,000 early on Inauguration Day, marking a new all-time high. However, the price later declined to $101,440, representing an approximate 8% pullback. Meanwhile, the TRUMP meme coin, closely associated with the new administration, dropped more than 40% to trade below $39.
The market correction aligns with typical profit-taking behavior often observed near historical highs in the cryptocurrency market. Additionally, uncertainties surrounding President Trump’s potential plans for a strategic Bitcoin reserve are contributing to increased volatility. Data from Polymarket indicates a 64% likelihood of Trump implementing a national Bitcoin reserve, but this speculation is fueling both excitement and unease among market participants.
Despite its sharp decline, the TRUMP meme coin has retained the majority of its initial gains, having surged 616% within three days of its launch. Eric Trump, the president’s son, heightened anticipation by suggesting on social media that a significant announcement from the WLF team would be made on January 20.
The WLF project, which aims to leverage cryptocurrencies like TRUMP to create a DeFi platform closely tied to the Trump family’s initiatives, has garnered significant attention. The forthcoming announcement is expected to shed light on WLF’s strategy and its potential impact on the broader market.
To stabilize the current volatility surrounding Bitcoin and TRUMP, clarity on the Trump administration’s cryptocurrency policy is deemed essential. Investors and market analysts are closely monitoring developments, as these could set the tone for the crypto sector under Trump’s second presidency.
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