Bitcoin drops 5% from highs as Trump avoids crypto mention during inauguration

Bitcoin dropped 5% from its all-time high after President Donald Trump avoided any mention of crypto during his inauguration speech, where he was sworn in as the 47th president of the United States.

Many anticipated that Trump would address crypto in some form—whether by referencing Bitcoin, discussing the creation of the long anticipated strategic Bitcoin reserve, or declaring the US as the leading global crypto nation.

Others speculated he might touch on the TRUMP and MELANIA meme coins that launched over the weekend, but he did not mention crypto at all.

Adding to the market’s disappointment, a report published by Punchbowl News at noon, just as the inauguration began, revealed that Trump’s congressional priorities include no mention of crypto.

Bitcoin surged to a new all-time high of $109,000 during early morning hours as traders positioned themselves ahead of Trump’s swearing-in.

However, as the Punchbowl report surfaced, the crypto asset tumbled, reaching just above $100,000. At press time, Bitcoin had partially recovered and was trading at $103,000, still 5% below its peak earlier in the day.

Before his inauguration, Trump’s actions had sparked optimism in the market. He appointed venture capitalist and former PayPal COO David Sacks as the White House’s “A.I. & Crypto Czar.”

Additionally, he nominated Paul Atkins, a seasoned Washington insider and strong advocate for crypto, to lead the Securities and Exchange Commission.

Despite Bitcoin’s partial recovery, the broader crypto market remains in red territory, down 4.2% in the past 24 hours, according to CoinGecko data.

Bitcoin’s dominance continues to climb, rising from 57 percent on Friday to nearly 59 percent at press time. With Bitcoin gaining strength, an altcoin rally may be delayed further.