{"id":110897,"date":"2025-01-23T11:41:38","date_gmt":"2025-01-23T07:41:38","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=110897"},"modified":"2025-01-23T11:41:41","modified_gmt":"2025-01-23T07:41:41","slug":"bitcoin-drops-as-trump-hype-fades-altcoins-follow-suit","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/bitcoin-drops-as-trump-hype-fades-altcoins-follow-suit\/01\/23\/market-updates\/","title":{"rendered":"Bitcoin Drops as Trump Hype Fades; Altcoins Follow Suit"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>Bitcoin experienced a decline on Thursday following a short-lived rally driven by expectations of crypto-friendly policies under President Donald Trump. Despite initial optimism, the cryptocurrency market faced renewed volatility, with altcoins tracking Bitcoin&#8217;s losses.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Bitcoin Highlights<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Bitcoin Price:<\/strong> Fell 2.9% to $102,600.2 by 00:54 ET (05:54 GMT).<\/li>\n\n\n\n<li><strong>Record High:<\/strong> Briefly reached above $109,000 before Trump\u2019s inauguration earlier this week.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Why Bitcoin Slipped<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Lack of Crypto-Related Executive Orders:<\/strong> Markets were disappointed as Trump refrained from signing executive orders to support the crypto industry, dashing hopes for immediate regulatory clarity.<\/li>\n\n\n\n<li><strong>SEC Announcement:<\/strong> While the SEC announced a task force to advise on crypto regulation, the lack of specific details or timelines tempered enthusiasm.<\/li>\n\n\n\n<li><strong>Tariff Threats:<\/strong> Trump&#8217;s threats to impose tariffs on major economies dented risk appetite, pulling Bitcoin lower.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Impact of Trump\u2019s Memecoin<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>$TRUMP Token:<\/strong> The President\u2019s memecoin, $TRUMP, fell 13.7% to $37.413, continuing its slide from record highs of nearly $80.<\/li>\n\n\n\n<li>Concerns were raised over the ethics of Trump potentially profiting billions from the token, as he avoided addressing these questions.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Positive Outlook from BlackRock\u2019s CEO<\/strong><\/h3>\n\n\n\n<p>BlackRock CEO Larry Fink expressed optimism for Bitcoin, stating that the cryptocurrency could reach <strong>$700,000<\/strong> if global adoption grows amid concerns over economic and political stability.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Fink highlighted Bitcoin&#8217;s potential as an internationally utilized instrument but clarified that he was not actively promoting the crypto.<\/li>\n\n\n\n<li>BlackRock&#8217;s <strong>iShares Bitcoin Trust (IBIT)<\/strong> exchange-traded fund initially saw strong inflows after its launch but has experienced a decline in recent months.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Altcoins Follow Bitcoin\u2019s Decline<\/strong><\/h3>\n\n\n\n<p>The broader crypto market mirrored Bitcoin&#8217;s losses:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Ether (ETH):<\/strong> Down 3% to $3,216.16.<\/li>\n\n\n\n<li><strong>XRP:<\/strong> Fell 0.7% to $3.1404.<\/li>\n\n\n\n<li><strong>Solana, Cardano, and Polygon:<\/strong> Dropped between 2% and 4%.<\/li>\n\n\n\n<li><strong>Dogecoin:<\/strong> Declined by 3.8%.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Market Outlook<\/strong><\/h3>\n\n\n\n<p>While Bitcoin and other cryptocurrencies faced a setback, the long-term prospects remain tied to global adoption, regulatory clarity, and investor sentiment. Larry Fink\u2019s remarks suggest optimism for Bitcoin&#8217;s potential, but short-term volatility is likely to persist as markets adjust to new policies and geopolitical developments.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin experienced a decline on Thursday following a short-lived rally driven by expectations of crypto-friendly policies under President Donald Trump. Despite initial optimism, the cryptocurrency market faced renewed volatility, with altcoins tracking Bitcoin&#8217;s losses. Bitcoin Highlights Bitcoin Price: Fell 2.9% to $102,600.2 by 00:54 ET (05:54 GMT). Record High: Briefly reached above $109,000 before Trump\u2019s &hellip;<\/p>\n","protected":false},"author":9,"featured_media":101614,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[40,36],"tags":[6904],"class_list":["post-110897","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-cryptocurrencies","category-market-updates","tag-bitcoin"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/110897","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=110897"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/110897\/revisions"}],"predecessor-version":[{"id":110899,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/110897\/revisions\/110899"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/101614"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=110897"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=110897"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=110897"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}