One month after taking office, "Trump trade" began to be abandoned by traders, and the crypto craze subsides

PANews reported on February 20 that according to King Shi, one month after Trump's second term, the excitement brought by him is fading from stocks to the US dollar to Bitcoin. Crypto assets have soared as the industry supports Trump, who promises to create a more friendly regulatory environment. But these gains have weakened as there are not many new developments to continue bullish sentiment. For example, the promised state Bitcoin reserves promised to build during Trump’s campaign has not yet been realized, and White House crypto and artificial intelligence director David Sacks said this month that an internal working group needs to look at the feasibility of the plan. Two months after the election, Bitcoin rose by about 50%. But it has fallen to around $97,000 as of Thursday after reaching a high of more than $100,000 in January. Scandals involving meme coins such as Libra have also weakened investors' interest in cryptocurrencies. "The atmosphere in the cryptocurrency market is very negative now," said Matthew Hougan, chief investment officer of Bitwise.