The price of Bitcoin (BTC) is falling after there was no mention of cryptocurrencies at U.S. President Donald Trump’s inauguration.
Earlier in the day on Jan. 20, the price of Bitcoin hit an all-time high above $109,000 U.S. amid anticipation of Trump’s return to the White House.
However, Bitcoin’s price has now fallen to $103,750 U.S. after there was no mention whatsoever of crypto in Trump’s publicly televised inauguration speech.
During his election campaign last year, Trump talked up Bitcoin and crypto, promising to make the U.S. the “crypto capital of the planet” and to establish a strategic Bitcoin reserve.
But Trump completely left out any mention of crypto from his speech in Washington, D.C. At the same time, a report showing Republican congressional priorities makes no mention of crypto.
On Polymarket, the betting odds of a strategic Bitcoin reserve being created during Trump’s first 100 days in office has dropped to 45% from 60% earlier in the day on Jan. 20.
Some analysts are warning that the crypto rally may cool now that Trump is officially back in office and that prices for digital coins and tokens might have peaked.
Analysts urging caution are pointing to the recently released crypto meme coins called “Trump Coin” and “Melania Coin” as potential tipping points for crypto, with some calling the coins a “jump the shark” moment for the sector.
Indeed, the value of Trump Coin has plunged more than 20% following the presidential inauguration.
