Trump Token, Bitcoin Prices Fall. Why Inauguration Day Left Crypto Bulls Disappointed. — Barrons.com

By George GloverBitcoin and other digital assets were sliding on Tuesday after President Donald Trump's first day in office left crypto bulls feeling underwhelmed.The world's largest token fell 1.3% to $102,229 in early trading, trading about 7% short of its previous record high.The cryptos launched by the Trump family late Friday also dropped. Over the past 24 hours the Official Trump token plunged 33% to about $38, and the Melania Meme coin tumbled 60% to $4.66, according to data from Kraken, the crypto exchange.After months of excitement, Trump's inauguration day ended up being a nonevent for cryptos — while the 47th president signed a flurry of executive orders, none of them addressed the digital-asset sector.The lack of day one action left bulls feeling disappointed. Trump has burnished his crypto-friendly credentials over the 2024 election cycle, and repeatedly promised on the campaign trail to set up a strategic Bitcoin reserve.Investors may also have been taking the opportunity to lock in profit after a spell of heady gains for cryptos."The retreat looks like little more than profit-taking after its recent rally, with traders balancing optimism over growing institutional adoption against caution around regulatory uncertainties," Hargreaves Lansdown analyst Matt Britzman said in a research note. "Despite the dip, sentiment remains strong as the market eyes more favorable conditions with Trump in office."Write to George Glover at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.