US crypto stocks close down as industry still awaiting Trump action
|US crypto stocks closed down on the day after President Donald Trump’s first day in office, which went without the new commander-in-chief mentioning crypto despite the industry’s anticipation that he’d take action on day one.
Shares in crypto miner Riot Platforms (RIOT) closed down 4.85% on Jan. 21, while Mara Holdings (MARA) closed down 1.76%. Shares in Terawulf Inc (WULF) dropped 6.88%, while CleanSpark (CLSK) dropped 7.67%, according to Google Finance.
Crypto stocks tumble, Bitcoin keeps climbing
Crypto exchange Coinbase (COIN) dropped over 8.5% in the opening hour to $274.80 but closed relatively flat on the day at $294.19.
The Bitcoin (BTC $105,651) buying firm MicroStrategy (MSTR) also traded mostly flat, closing down 1.87% at $389.10 after recovering from an early morning 7% dip.
Meanwhile, Bitcoin continues its rebound toward its recently set all-time high of $108,659, rising 3.45% in the past 24 hours to trade at $105,770, according to CoinMarketCap data.
Bitcoin is trading at $105,770 at the time of publication. Source: CoinMarketCap
On Jan. 20, Trump returned to the White House and outlined priorities such as public safety, energy independence, government reform, and restoring “American values” — but his pro-crypto campaign promises were notably absent.
Trump fulfilled his pledge to pardon Silk Road founder Ross Ulbricht on Jan. 21 — a day later than promised — which has given crypto advocates hope that he would remain faithful to his crypto promises.
“If Ross Ulbricht got the pardon, we are definitely getting the Strategic Bitcoin Reserve,” Bitcoin bull and venture capitalist Anthony Pompliano said in a Jan. 21 X post.
“Trump will create history with the stroke of his pen,” Pompliano said.
S&P 500 sees a slight uptick
While crypto stocks were down, the overall stock market saw a slight uptick, with the S&P 500 rising 0.88%.
This came after markets were closed on Trump’s inauguration day for Martin Luther King Jr. Day. Still, optimism about a pro-business Trump presidency was evident right from the opening bell.
The US dollar Index continued its decline, pulling back 1.27% from a Jan. 15, two-year high of 110 to currently trade slightly above 108.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.