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.