On January 21, the cryptocurrency market was shut down because US crypto stocks all dropped. Many investors were looking for quick action from President Donald Trump. Even though Trump promised support for cryptocurrency during his campaign, his first day back in office did not have any important announcements or plans for the business. This has made crypto fans and market participants eagerly wait for an apparent policy change.
Crypto Stocks Struggle
On January 21, the prices of big cryptocurrency stocks fell as the industry sought support from the new government. Riot Platforms (RIOT) dropped by 4.85%, and Mara Holdings (MARA) fell by 1.76%. Terawulf Inc (WULF) dropped by 6.88%, and CleanSpark (CLSK) fell by 7.67%. The overall decline reflected the market’s disappointment due to a lack of crypto-related moves from the White House.
Bitcoin Rises Despite Market Dip
While crypto stocks faced challenges, Bitcoin continued to rise, proving it can stay strong even when the market is shaky. The leading cryptocurrency went up by 3.45% in the past 24 hours and is now priced at $105,770, moving closer to its recent peak of $108,659. Investors were happy with Bitcoin’s steady rise, but without help from government leaders, many wondered if the industry would get the support it wanted.
Trump’s Crypto Silence Concerns
When Trump returned to the White House on January 20, he talked about his main goals, such as public safety, energy independence, and government change. However, he did not mention the cryptocurrency industry at all. Cryptocurrency supporters expected Trump to quickly move on with his campaign promises, especially by creating a “Strategic Bitcoin Reserve.” Without mentioning cryptocurrency or new policies, the business was left unclear about its future with the new government.
Ross Ulbricht Pardon Sparks Hope
On January 21, Trump pardoned Silk Road founder Ross Ulbricht, fulfilling a promise. Some crypto enthusiasts believe Trump will continue to support cryptocurrency after this event.
Conclusion
On January 21, US crypto stocks performed poorly, and the business is still uncertain. Investors and crypto fans are excited to see what Trump will do next, hoping he will follow through on his campaign promises soon.
