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President Trump didn’t sign crypto-related executive orders on Day 1.
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Crypto prices fell after Donald Trump was sworn in as U.S. president.
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Analysts are optimistic about future crypto-friendly policies.
Donald Trump signed several executive order on his first day as president. Market participants are left wondering what the administration’s position is on the cryptocurrency industry because none of the executive orders addressed it. According to journalist Eleanor Terrett’s report, crypto leaders are optimistic regarding potential policies under Trump.
Expectations for a Crypto Council Ban and CBDC Ban
In a recent X post, Terrett noted industry leaders expect Trump to sign an executive order establishing a cryptocurrency council. Another expected executive order could prohibit the creation in the United States of a Central Bank Digital Currency. Terrett said that despite these expectations, it is still unclear when such an action might take place.
The crypto market as a whole saw a slight drop following Trump’s inauguration. Bitcoin fell from its pre-inauguration rally that pushed it to a record high of $109 356 according to TradingView.
Ethereum, the second largest cryptocurrency by market cap, dropped almost 5% after President Trump’s inauguration. The altcoin reversed early gains and dropped from a daily high of $3,448 to close the day at $3280.
Other cryptocurrencies have experienced similar price movements to Bitcoin and Ethereum. They surged earlier that day, signaling optimism before Trump’s swearing in, but have since lost the momentum they had prior to the inauguration.
Related: Trump’s Crypto Orders – SEC Reforms, and a Presidential Crypto Council
Crypto enthusiasts remain optimistic about President Trump’s future plans for the crypto industry, despite the slight reversal. The new president has fulfilled some of his election promises by signing executive orders.
Trump’s first actions have boosted the confidence of his supporters, including those in the crypto sector. Many of them think that the President will introduce crypto-friendly policies. The only question now is when he will act.
