In January, then-President-elect Donald Trump launched a new cryptocurrency token which quickly soared in value, selling for $10 and reaching a market cap of $15 billion ahead of his inauguration. However, Democratic Sen. Chris Murphy has criticized the coin as a backdoor bribery scheme. Since Trump’s inauguration, the value of his coin has plummeted, particularly after the launch of a trade war.
Cryptocurrency prices surged after Trump’s victory in 2021, with Trump taking credit for bitcoin crossing $100,000 in December. However, prices have since fallen, and Trump has faced criticism for launching a personal meme coin that ultimately collapsed in value. The crash of meme coins linked to other political figures and a major cryptocurrency exchange hack allegedly carried out by North Korea have also contributed to a decline in enthusiasm for cryptocurrency.
Influencer and crypto enthusiast Dave Portnoy has questioned why crypto prices have dropped despite Trump’s involvement in the market. Overall, the cryptocurrency market has experienced volatility and uncertainty in recent months, with various factors contributing to the fluctuating values of digital assets. The Associated Press contributed to this report.
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