Key Takeaways
- Bitcoin fell 5% after Trump avoided any mention of crypto during his inaugural speech, disappointing market expectations.
- Bitcoin's dominance continues to climb, delaying hopes for an altcoin season.
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Bitcoin fell 5% from its all-time high after President Donald Trump avoided any mention of crypto during his inaugural address, where he was sworn in as the 47th president of the United States.
Many expected Trump to address crypto in some form – whether by mentioning Bitcoin, discussing the creation of the long-awaited strategic Bitcoin reserve, or announcing the US as the world's leading crypto nation.
Others thought he could touch the TRUMP and MELANIAN launched a coin meme over the weekend, but didn't mention crypto at all.
Adding to the disappointment of the market, a report published by Punchbowl News at noon, just as the inauguration began, revealed that Trump's congressional priorities do not include any mention of crypto.
Bitcoin soared to a new all-time high of $109,000 in the early morning hours as traders braced themselves ahead of Trump's inauguration.
However, as the Punchbowl report emerged, the crypto asset fell, reaching just over $100,000. At press time, Bitcoin had recovered somewhat and was trading at $103,000, still 5% below its peak earlier in the day.
Before his inauguration, Trump's actions had fueled optimism in the market. He appointed venture capitalist and former PayPal CEO David Sacks as the White House's “AI & Crypto Czar.”
In addition, he named Paul Atkins, an experienced Washington defense attorney and strong advocate for crypto, to lead the Securities and Exchange Commission.
Despite the partial recovery of Bitcoin, the broader crypto market is still in the red zone, down 4.2% in the last 24 hours, according to CoinGecko data.
Bitcoin's dominance continues to rise, rising from 57 percent on Friday to nearly 59 percent at press time. With Bitcoin gaining strength, the altcoin rally may be further delayed.
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