FameEX Hot Topics | US Crypto Stocks Fall as Industry Waits for Trump's Next Move
On January 21, U.S. crypto stocks experienced a notable decline across the board as President Donald Trump’s first day in office did not bring the anticipated actions related to the cryptocurrency industry. Despite expectations that Trump would act swiftly on his pro-crypto campaign promises, his first day lacked any significant moves in this area.
Shares of major crypto mining companies took a hit, with Riot Platforms (RIOT) down by 4.85%, Mara Holdings (MARA) falling 1.76%, and Terawulf Inc (WULF) dropping 6.88%. CleanSpark (CLSK) saw the biggest loss, declining by 7.67%. These declines reflect the uncertainty in the market as the crypto industry awaited Trump’s promised executive actions on crypto.
Bitcoin-related stocks also saw losses. MicroStrategy (MSTR), known for its large Bitcoin holdings, closed down by 1.87%, recovering slightly from a 7% early dip. At $389.10, the stock performed relatively better compared to the sharp volatility observed in other crypto stocks that day.
Trump’s first day back in the White House focused on priorities like public safety, energy independence, and government reform, but there was no mention of his promised cryptocurrency policies. Although some crypto advocates remained hopeful, the lack of immediate action raised concerns in the industry.
Trump did fulfill one of his promises by issuing a pardon for Ross Ulbricht, the founder of Silk Road, which reignited optimism among crypto supporters. Bitcoin bull Anthony Pompliano expressed confidence that this move signaled Trump’s commitment to his pro-crypto agenda, predicting that the creation of a Strategic Bitcoin Reserve would follow.
Despite the decline in crypto stocks, the overall stock market saw a slight gain. The S&P 500 rose by 0.88%, signaling optimism about Trump’s business-friendly policies. Meanwhile, the U.S. dollar index continued its decline, dropping 1.27% from a recent two-year high.
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