Donald Trump’s first day back in office brought a lack of any concrete policy announcements surrounding the cryptocurrency market on Monday.
Having previously pledged supportive measures, their absence on Monday appeared to dampen sentiment across the space immediately after Trump’s second inauguration.
Bitcoin receded from its all-time high of over US$108,500, scored before Trump was sworn in on Monday, to US$104,378 come Tuesday.
Trump’s own token, $Trump took a beating in the meantime, dropping 22.4% to US$38.27.
Having been launched just last Friday, the token had surged over the weekend and seen the incoming president shoot up the rankings of the world’s richest on paper as a result.
However, Tuesday’s decline meant the crypto’s market capitalization slipped from US$10.7 billion to US$7.5 billion, in turn eating into the value of the vast majority still held by Trump.
Trade Nation analyst David Morrison noted Trump’s White House return had brought “widespread disappointment across the crypto sector”.
In line with larger counterpart Bitcoin, smaller tokens Ether and Ripple also traded lower into Tuesday after rallying ahead of Trump’s inauguration.
Morrison highlighted Trump had failed to mention “either a US crypto reserve or [...] deregulation,” despite previous promises.
He added: “Traders quickly bailed out of their speculative longs as Mr Trump declined to comment.
“Yet actions speak louder than words. President Trump’s exceedingly crypto-friendly appointments at the Treasury and Securities and Exchange Commission should help support the sector overall.”