This week’s headlines dive into the interplay between politics and cryptocurrency. President Donald Trump’s inauguration speech omitted the highly anticipated “crypto golden age,” sparking reactions across the crypto market. Despite the silence, key regulatory appointments under Trump’s administration appear favorable for the industry’s future. Meanwhile, the $TRUMP and $MELANIA meme coins made waves with their dramatic value swings and ethical controversies during the inauguration period. To find out more about latest developments shaping the intersection of crypto and global politics, read on.
Bitcoin recovers after Trump inauguration speech omits crypto industry
US President Donald Trump failed to mention the crypto industry in his inaugural speech as the 47th President of the United States of America earlier this week, despite having leaned on crypto donations in his successful election campaign.
In anticipation of Trump’s inauguration, the markets saw Bitcoin achieve a record high of $109K before his speech. It then dropped to $102K and recovered to just over $105K the following day.
Other cryptocurrencies recovered in the aftermath of his speech as well. Ether settled at $3,3K, a 3.1% rise, while XRP rose 4.5%. Polygon, Cardano, and Solana all rose in value by between 5 and 11%.
President Trump previously campaigned on a firm commitment to make the United States a global hub for cryptocurrency, receiving significant donations from the industry for his election campaign.
Find out more about this story at Reuters and Investing.com.
Key Trump appointments signal crypto industry support
Despite omitting cryptocurrency in his inaugural speech, President Trump’s appointments to regulatory bodies indicate a promising direction for the industry.
Among them, the acting head of the SEC, Mark Uyeda, has launched a dedicated Crypto Task Force, which will be led by SEC commissioner Hester Pierce. The task force will aim to streamline regulations and foster innovation within the sector.
These moves are seen as a nod to Trump’s earlier promises and have buoyed investor confidence. Analysts predict these developments could lay the groundwork for a favorable crypto environment in the U.S.
Read more on The Hill.
$TRUMP and $MELANIA Meme Coins go on wild ride
On the weekend before his inauguration, President Donald Trump and the First Lady launched their own meme coins.
As the world watched, the $TRUMP and $MELANIA meme coins took center stage, with their prices experiencing significant volatility. By Monday afternoon, the day of President Trump’s inauguration, the two digital currencies had a combined value of $9.5 billion.
While some viewed the meme coins as an innovative way to engage crypto communities, others are raising serious ethical concerns, especially with the potential for conflicts of interest. The suggestion is that the timing of these launches, combined with Trump’s promise to create a crypto-friendly environment, could lead to manipulation and regulatory challenges.
Our Director of Intelligence, Nick Smart, recently shared his thoughts on this polarising trend, discussing the risks and complexities of meme coins in today’s market.
“At Crystal, we understand these risks first-hand. We work to mitigate them through our blockchain intelligence solutions, helping to ensure that the promise of tokenisation is realised responsibly.”
Meme coins may demonstrate the accessibility of tokenisation, but their volatility and potential for manipulation underscore the urgent need for stronger accountability.
Read more about $TRUMP and $MELANIA meme coins on CBS News.