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A caricature of US President-elect Donald Trump holding cryptocurrency tokens, depicted in front of the White House to commemorate his inauguration, displayed at a Coinhero store in Hong Kong, China, Monday, January 20, 2025.
Pablo Yeung | Bloomberg | fake images
bitcoin and other cryptocurrencies sank on Tuesday, as bullish investor sentiment around cryptocurrencies cooled after President Donald Trump’s inauguration.
TRUMP, a token launched last week representing the new American leader, plummeted as much as 22% in 24 hours, according to data from CoinGecko. Meanwhile, a meme token released on sunday by first lady Melania Trump, plummeted 58% in one day.
Bitcoin sank about 5% to $102,589, while ether and XRP were down 3% and 5%, respectively.
Cryptocurrency investors have hailed Trump’s arrival in the White House as a positive moment for the industry. The president has promised to introduce policies that support cryptocurrencies, including a flexible regulatory framework and a federal bitcoin treasury.
This is breaking news. Please check back for updates.
