Trump's Crypto Move: Boon or Bust?

Crypto markets stabilized but remained below recent highs after President Trump's executive order to form a new working group for crypto regulation. Concerns arise over Trump-linked tokens, including $TRUMP, amid potential conflicts of interest. Lawmakers call for regulatory scrutiny of these ventures.

The cryptocurrency market showed signs of stabilization on Friday, still trading below recent peaks despite President Donald Trump's decision to establish a new working group focusing on crypto regulation. This initiative also explores the creation of a U.S. cryptocurrency stockpile.

Since Trump assumed office on Monday, Bitcoin has maintained stability, trading around $105,000 as initial excitement over anticipated cryptocurrency regulatory changes waned. Previously, Bitcoin saw a 50% surge following Trump's election victory, driven by his promises of a pro-crypto stance and a bitcoin reserve.

Meanwhile, the $TRUMP token, launched by Trump last Friday, has seen significant volatility, trading at $33.76 down from a peak of $75. This has raised questions from lawmakers and ethics experts about potential conflicts of interest and regulatory implications for Trump's crypto ventures.

(With inputs from agencies.)