FameEX Hot Topics | US Crypto Stocks Decline as Industry Awaits Action from Trump

On January 21, U.S. crypto stocks experienced a significant decline across the board as President Donald Trump’s first day in office did not include any actions related to the cryptocurrency industry. Despite widespread anticipation that he would take immediate steps on his campaign promises, Trump’s first day lacked any notable moves for crypto.

Shares of major crypto mining companies were down, with Riot Platforms (RIOT) falling 4.85%, Mara Holdings (MARA) dipping 1.76%, and Terawulf Inc (WULF) dropping 6.88%. CleanSpark (CLSK) saw the largest loss, declining 7.67%. These declines reflect the market’s uncertainty as the industry awaited the promised crypto-related executive actions.

Bitcoin-related stocks were also affected. MicroStrategy (MSTR), known for its Bitcoin holdings, closed down by 1.87%, recovering from an early dip that saw the stock fall by 7%. At $389.10, the stock remained relatively stable compared to the volatility in other crypto stocks on the day.

Trump’s first day back in the White House was marked by a focus on public safety, energy independence, and government reform, but his campaign promises related to cryptocurrency were conspicuously absent. While crypto advocates were hopeful, the lack of immediate action was a point of concern. 

However, Trump did follow through on one of his promises, issuing a pardon for Silk Road founder Ross Ulbricht, which sparked optimism in the crypto community. Bitcoin bull Anthony Pompliano expressed his belief that this was a sign of Trump’s commitment to his pro-crypto agenda, predicting the creation of a Strategic Bitcoin Reserve.

Despite the downturn in crypto stocks, the overall stock market saw a slight uptick. The S&P 500 rose by 0.88%, reflecting a broader optimism about Trump’s business-friendly policies. Meanwhile, the U.S. dollar index continued to decline, down 1.27% from a recent two-year high.

Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.