Bitcoin has dropped 13% in the first 100 days of Donald Trump’s presidency, despite the formation of a Bitcoin Strategic Reserve. This follows an initial rise to $109,000 before Trump’s inauguration, attributed to market optimism. In contrast, Bitcoin soared 60% during Joe Biden’s early presidency, highlighting differing market responses to each administration’s economic policies.
In a twist of fate, Bitcoin’s value has taken a hefty hit of about 13% during the first 100 days of Donald Trump’s presidency. Dubbed the “crypto president”, Trump kickstarted his term with an ambitious plan, introducing a Bitcoin Strategic Reserve following his campaign vows. Despite these bold moves, Bitcoin’s price hasn’t managed to bounce back from a downward spiral that started just after his inauguration.
When Trump was sworn in on January 20, expectations were run high, propelling Bitcoin to an all-time high of $109,000. This surge can be attributed not only to anticipation around Trump’s policies but also his promise of a national Bitcoin reserve. Eventually, he formalised the strategy with an executive order to establish a reserve using Bitcoin obtained through asset forfeiture.
Sadly, even these efforts have failed to stop the downtrend for the cryptocurrency. The decline has largely been attributed to economic implications of Trump’s policies, particularly his aggressive tariffs on trade partners, which raised concerns about potential recession and created macroeconomic uncertainty. Earlier this month, Bitcoin plummeted to around $76,000 before showing some resilience and bouncing back, but it’s still about 13% shy of its record value.
When looking back at former President Joe Biden’s first days in office, the story is rather different. Starting on January 30, 2021, Bitcoin was trading at approximately $36,000. Over Biden’s initial 100 days in office, it surged an impressive 60%, peaking at about $57,750.18 and even reaching an all-time high of $64,800 during that spell. The Federal Reserve’s decision to keep interest rates near zero likely spurred interest in cryptocurrencies like Bitcoin.
As of now, Bitcoin is trading at around $94,817.49, according to recent data from Benzinga Pro. The crypto market, despite its inherent volatility, continues to attract attention on both ends of the political spectrum, each administration shaping the landscape in its unique way.
