Crypto Market Turmoil: Trump's Influence Unraveled

Cryptocurrency prices have plummeted recently, erasing gains since Trump's election. Market stability hinges on U.S. Federal Reserve actions and regulatory clarity. Bitcoin's downturn reflects broader market challenges. Trump's pro-crypto initiatives haven't significantly raised prices, as investors await more decisive policy actions or regulatory changes.

Cryptocurrency prices have taken a steep dive in recent weeks, erasing gains seen after Donald Trump's election wave of optimism. Major digital currencies are feeling the heat, with Bitcoin dropping around 21% from its January heights, leveling to its status post-Trump's presidential win. The drive for a strategic bitcoin reserve has dimmed, tempering demand.

Other digital currencies mirrored the trend, with ether suffering a 40% fall. Trump's recently launched meme coin hasn't escaped unscathed, plummeting 80% since January, CoinMarketCap reports indicate. Despite Trump's campaign promises of pro-crypto measures and crypto-heavy appointments, crypto prices remain unresponsive, hinting at inflated expectations.

Donald Trump's initial days in office saw the formation of a cryptocurrency task force, which hasn't assuaged investors expecting concrete measures such as U.S. bitcoin purchases. Market uncertainty looms due to Trump's tariff threats and the hawkish monetary policies, intensifying concerns over cryptocurrency's future trajectory until further clarity or catalysts occur.

(With inputs from agencies.)