Bitcoin prices and other cryptocurrencies began to decline on January 21 after the inauguration of US President Donald Trump. According to CNBC, cooling of investors' moods was the main reason for the recession in the cryptocurrency market.
Bitcoin, the largest cryptocurrency by market capitalization, lost 5% of its value at the beginning of the day, but later recovered, reaching $ 104.375. Meanwhile, Xrp fell by 4%, and the etherium remained stable.
Particular attention was paid to the tokens associated with the names of the Trump family. In particular, the office Trump collapsed by 26% a day, and melania Trump, created by Melania Trump, lost almost half of its value.
Analysts believe that the reason for this is the lack of specific statements of Trump on the cryptocurrency industry. Despite his previous promises to maintain the development of this sector, the inaugural speech did not mention cryptocurrency, which increased investors' uncertainty.
Expert Kennet Lamont from Morningstar warns of the high volatility of the cryptocurrency market. "If Trump fulfills his promises, we can see the growth of cryptocurrencies. But investors should avoid panic," Lamont said.
Despite this short -term decline, experts advise investors to monitor the actions of the new US administration, which can significantly affect the future cryptocurrency market.
