Donald Trump

Ross Ulbricht

President Donald Trump

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%, <a href="https://www.google.com/finance/quote/CLSK:NASDAQ" rel="noopener noreferrer nofollow" target="null">according</a> to Google Finance.
<h2 id="crypto-stocks-tumble-bitcoin-keeps-climbing">Crypto stocks tumble, Bitcoin keeps climbing</h2>
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 (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="null">BTC</a>) 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, <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow" target="_blank">according</a> to CoinMarketCap data.
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 Bitcoin is trading at $105,770 at the time of publication. Source: <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow" target="_blank">CoinMarketCap</a>
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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 <a href="https://cointelegraph.com/news/trump-america-first-priorities-exclude-crypto-btc" rel="noopener noreferrer nofollow" target="null">campaign promises were notably absent</a>.
Trump fulfilled his pledge to pardon <a href="https://cointelegraph.com/news/trump-pardon-ross-ulbricht-silk-road" rel="noopener noreferrer nofollow" target="null">Silk Road founder Ross Ulbricht</a> on Jan. 21 — a day later than promised&nbsp; — 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 <a href="https://x.com/APompliano/status/1881887841824964662" rel="noopener noreferrer nofollow" target="null">post</a>.
“Trump will create history with the stroke of his pen,” Pompliano said.
<h2 id="sp-500-sees-a-slight-uptick">S&amp;P 500 sees a slight uptick</h2>
While crypto stocks were down, the overall stock market saw a slight uptick, with the S&amp;P 500 rising 0.88%.&nbsp;
Related: <a href="https://cointelegraph.com/news/analysts-say-trump-presidency-marks-a-turning-point-in-us-crypto-policy" rel="noopener noreferrer nofollow" target="null">Analysts say Trump presidency marks ‘a turning point’ in US crypto policy</a>
This came after markets were closed on Trump’s inauguration day for Martin Luther King Jr. Day. Still, optimism about a pro-business Trump <a href="https://cointelegraph.com/news/bitcoin-holds-above-106-k-as-traders-bite-nails-over-the-absence-of-trump-crypto-executive-order" rel="noopener noreferrer nofollow" target="null">presidency was evident right from the opening bell</a>.
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.
Magazine: <a href="https://cointelegraph.com/magazine/gamers-ai-agents-goat-gaming-nfts-balance-fun-web3-gamer/" rel="noopener noreferrer nofollow" target="null">GOAT’s AI agents play to win crypto for you, Flappy Bird reboot: Web3 Gamer</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

US crypto stocks close down as industry still awaiting Trump action

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