Bitcoin Price Dips: Trump’s Presidential Speech Snubs Bitcoin and the Future of Crypto
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In the lead-up to Donald Trump’s inauguration as the 47th president of the United States, Bitcoin saw a major rally, briefly reaching a peak of $109,000. However, the cryptocurrency’s price failed to maintain this momentum and began to dip following the inauguration ceremony, eventually falling below $102,000.
Trump’s failure to mention cryptocurrency during his inauguration speech comes just days after the alleged launch of his official meme coin, TRUMP, on January 18. The coin has rapidly gained momentum in the cryptocurrency market, with its value soaring to a fully diluted valuation (FDV) of approximately $60 billion.
In his speech, Trump outlined the executive orders he plans to sign, covering topics like healthcare and declaring a national energy emergency. He also stated that there are now only two genders in the U.S., discussed border issues, and addressed the Los Angeles wildfires. However, he disappointed thousands of crypto enthusiasts by failing to mention any plans for the growing cryptocurrency sector.
“American Patriots, we will be working to meet every crisis with dignity and power and strength. We will move with purpose and speed to bring back home, prosperity, safety and peace for citizens of every race, religion and color. American citizens, January 20, 2025 is liberation Day,” Trump said in his speech.
What’s Next For Bitcoin Price?
Bitcoin’s future price action depends on developments around the Trump administration and what policies it may introduce related to digital assets. Market participants are also closely watching options markets, with many expecting Bitcoin to close above $110K by the end of January and potentially reach $120K by February, driven by market optimism and the broader economic backdrop. Overall, it’s a highly volatile period for Bitcoin, with many unpredictable factors at play.
At the time of writing, Bitcoin is down by more than two percent and is trading slightly above the $103k level.
