Trump's Speech, Bitcoin Drops Sharply: What Are the Reasons for the Decline and the Latest Situation?

Bitcoin (BTC) fell sharply today, dropping to $100,000 after reaching over $109,000 on the day after President Donald Trump’s inauguration speech. The world’s largest cryptocurrency was priced at around $106,000 when Donald Trump began his speech, but then dropped to a low of $100,333.

The fact is that the speech did not mention Bitcoin or the possibility of a strategic Bitcoin reserve of the United States, a concept that has aroused speculation in the cryptocurrency community, which has disappointed cryptocurrency enthusiasts and is the reason for the decline. The promises in Trump’s election campaign implied a more crypto-friendly stance compared to his predecessor, whom his administration was seen as hostile to this industry. The initial appointments of Trump, including David Sacks, a venture capitalist and former CEO of PayPal, as the ‘AI and cryptocurrency director’ of the White House, and Paul Atkins, a cryptocurrency advocate, as the head of the Securities and Exchange Commission (SEC), signal the intention to integrate cryptocurrencies into broader policy discussions. But Trump’s approach is not without controversy. Over the weekend, the administration caused a stir with the surprise launch of the Trump memecoin, followed by a similar token related to Melania Trump. This move has even sparked strong reactions among Trump supporters, with Nic Carter of Castle Island Ventures calling the memecoin launch “completely illogical” and accusing the administration of “plunging into a new abyss of stupidity”.