Why is Crypto Down After Election of Trump?

Despite the initial high hopes, the crypto market experienced a significant decline following the election of Trump.

Bitcoin fell over 6.5% to below $98,000, with other crypto like Solana and XRP dropping 11% and 14% respectively.

The crypto enthusiasts expected a major boom after the election of Trump, anticipating pro-crypto policies and regulatory relief.

Trump, in his inaugural speech didn't make direct reference to crypto crushing hopes of investors.

Trump did issue an executive order creating a working group to advise on crypto policy, which was anticipated to propose a regulatory framework within six months.

However, the order did not confirm a Bitcoin reserve, as many had hoped.

As Sean McNulty from FalconX noted, "Even though the market got 90% of what it wanted... it was mostly priced in".

The total crypto market cap dropped 6.6% to $3.56 trillion, reflecting widespread investor uncertainty about the new crypto stance of the administration.

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