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Bitcoin reversed its weekend rally, dropping 2.5% to $102,481.9 by early Monday as the crypto market reacted to heightened volatility. The launch of two memecoins by President-elect Donald Trump—$TRUMP and $MELANIA—sparked mixed sentiment among traders.
$TRUMP surged over 7000% after its Friday launch, reaching a $14 billion market cap. However, heavy profit-taking led to sharp declines, and ethical concerns arose over Trump leveraging his political status for personal gain. The President-elect’s substantial holdings of $TRUMP reportedly boosted his wealth significantly.
$MELANIA, themed after the incoming First Lady, also drew criticism for its perceived exploitation of speculative markets. The controversy added to market uncertainty ahead of Trump’s inauguration, scheduled for later Monday, with traders awaiting clarity on his crypto-friendly policies.
Trump has pledged to position the U.S. as a global leader in cryptocurrency, including potential initiatives like a Bitcoin Strategic Reserve. However, significant measures may face Congressional hurdles, leaving markets wary of immediate impacts. Broader concerns about his stance on immigration and trade further dampened risk appetite.
The crypto market mirrored Bitcoin’s losses, with Ethereum slipping 0.3% to $3,287.29 and XRP dropping 3.4% to $3.0939. Altcoins like Solana, Cardano, and Polygon fell 5% to 11%, while Dogecoin declined 7.5%.
As crypto traders eye Trump’s regulatory moves, uncertainty looms over whether his promises will translate into substantial market growth. The coming days will reveal if his policies can stabilize markets and fulfill his vision of making America the "crypto capital" of the world.
