Key Points:
- Trump Sworn In as 47th President, Crypto Markets React
- Donald Trump takes the oath of office amidst historic milestones, leaving digital asset enthusiasts speculating on his impact.
- Bitcoin Hits All-Time High Amid Pro-Crypto Policy Hopes
- Bitcoin reaches a record $109,356 as anticipation builds around Trump’s potential moves on blockchain innovation.
- Insider Trading Allegations Cloud Trump’s Official Memecoin Launch
- The TRUMP memecoin sparks controversy over potential insider trading, adding intrigue to inaugural celebrations.
Trump’s Inauguration and Market Reactions
On January 20, Donald Trump was officially sworn in as the 47th president of the United States, making history as the first convicted felon to hold the office. The crypto world, closely watching for signals of pro-digital asset policies, experienced a surge in market activity. Bitcoin reached an all-time high of $109,356, driven by speculation that the Trump administration might prioritize blockchain innovation.
Also read: Crypto Made Easy: Turn $100 into $1,000—A Beginner’s Guide!
However, Trump’s inaugural address left crypto advocates disappointed. Despite anticipation, the president did not mention digital assets or regulatory plans. Instead, he focused on immigration, foreign policy, and economic reforms, including a proposed “External Revenue Service” to impose tariffs on foreign entities.
Regulatory Shakeups: CFTC and SEC Changes
In one of his first acts as president, Trump named Caroline Pham as acting chair of the Commodity Futures Trading Commission (CFTC). Pham, previously nominated by Joe Biden in 2022, steps in temporarily to oversee the regulator until a permanent chair is confirmed by the Senate.
Meanwhile, the Securities and Exchange Commission (SEC) announced the departure of Chair Gary Gensler, a key figure in legal battles against major crypto exchanges. Trump’s nomination of Paul Atkins, known for his pro-crypto stance, to lead the SEC signals a potential shift in regulatory approach.
Trump’s Memecoin Sparks Controversy
Adding a twist to inaugural festivities, Trump launched the TRUMP memecoin on Solana, which reached a market cap of $10.8 billion shortly after its release. The token’s meteoric rise triggered allegations of insider trading. Reports suggest a wallet purchased $5.9 million worth of TRUMP tokens moments after the launch, selling them later for $20 million.
Also read: Crypto User Guide for BEGINNERS! What is Slippage and How to Avoid it in Cryptocurrency Trading?
Security experts have flagged potential centralization issues, with 89% of the token’s supply reportedly held by just 10 wallets. Preetam Rao, a Web3 security CEO, noted, “While there’s concern about manipulation, it could still pave the way for innovation.”
Inauguration Highlights
- Prominent Guests: Tech giants Jeff Bezos, Mark Zuckerberg, and Tim Cook attended pre-inauguration events.
- Weather Adjustments: Due to extreme cold, Trump moved his address indoors to the Capitol Rotunda.
- Policy Expectations: Early discussions about a potential “Bitcoin reserve” in Trump’s first 100 days stirred excitement.
Also read: Hot vs Cold Wallets: A Comprehensive Guide to Crypto Storage Safety and Costs
Conclusion
Trump’s second term begins with bold moves and controversies, as the crypto world keeps a close eye on potential regulatory transformations. Whether his administration will champion blockchain innovation or add further complexity remains to be seen.
