Bitcoin slid Wednesday as the cryptocurrency market continued to await in anticipation of major policy tweaks following Donald Trump’s return as President.
News on Tuesday that the US Securities and Exchange Commission had formed a task force to create a regulatory framework around digital assets had briefly offered a boost.
However, Bitcoin fell short of racking up another all-time high after Monday’s record prior to Trump’s inauguration and later lost ground, slipping 0.7% to US$105,430 on Wednesday.
Trade Nation analyst David Morrison noted there was a “feeling of letdown amongst crypto bros after President Trump failed to mention anything about crypto over the past few days”.
Ahead of his White House return, Trump had pledged a spate of supportive measures, including the formation of a government Bitcoin reserve, and to be the “crypto president”.
Smaller token Ether followed suit in falling by 0.4% to US$3,317 on Tuesday as the market waited on Trump to live up to his promises.
Ripple also remained off a peak seen on Monday but fared better with a 2.2% gain to US$3.24 on Wednesday.
Trump’s own token rebounded slightly in the meantime, having slumped on Tuesday after a weekend rally following its launch on Friday.
At US$41.83, $Trump was up 10.2% for the day on Wednesday, but off its US$75.35 high as volatility continued to ensue.