Cryptocurrency Performance during Trump's Initial 100 Days in Power
Here's a fresh, rewritten version of the article:
Trump's First 100 Days: A Tumultuous Ride for Crypto Markets
Cryptocurrencies took a hit during the early days of Donald Trump's presidency with prices tumbling due to his trade policies. Yet, positive moves like supporting crypto reserves and light-touch regulation have failed to rescue the market. Let's take a look at the top events that shaped the crypto world during Trump's first 100 days in office.
Market Cap Crash: Crypto Tanking While Stocks Soar
Take a gander at the chart below. Since Trump took office, the broader crypto market has dropped significantly compared to the S&P 500 and the Nasdaq 100. The total crypto market cap is down by 14.7%, whereas the S&P 500 fell by 6.9% and the Nasdaq 100 declined by 7.9%. Considering Trump's campaign promise to be the "most pro-crypto president," these figures are surprising, to say the least. On a positive note, the crypto market cap has started to bounce back, recovering from $2.39 trillion to $2.9 trillion this month.
Decentralized Exchanges and Meme Coins: A Wild Ride
Decentralized exchanges (DEX) saw a surge in January, driven by a meme coin craze. Trump's foray into launching his own tokens ahead of the inauguration fueled the initial rally. The peak DEX volume clocked in at $564 billion, but the hype faded in February, March, and April, leaving DEX volume at $248 billion.
Stablecoins Steadily Gaining Ground
Trump's administration has witnessed a massive expansion of the stablecoin market. Led by Tether and USD Coin, the market capitalization of stablecoins exceeded $240 billion, adding $40 billion in total market capitalization since Trump took office.
Real-World Asset (RWA) Tokenization: A Record High
With a market value of over $11.17 billion, the demand for Real World Asset (RWA) tokenization has skyrocketed to unprecedented levels. Key RWA players include BlackRock, Athena USDtb, Ondo Finance, Tether Gold, and Paxos Gold. Unfortunately, the collapse of Mantra remains one of the top stories in the RWA industry.
Bitcoin and Ethereum ETFs: A Rollercoaster Ride
Spot Bitcoin ETFs have welcomed net inflows of $3.85 billion under Trump's leadership. However, Ethereum ETFs have experienced net outflows of $132 million due to the plummeting price of Ethereum against the US dollar and other assets such as Bitcoin and Solana.
Special Coverage: Can PI Network withstand mounting sell pressure amidst future token unlocks?
Enrichment Data:
- Market Sentiment: Trump's tariff policies have presented a challenge to the crypto market, causing prices to decline despite his overall supportive stance on cryptocurrencies.
- Key Regulatory Developments: The SEC has appointed Paul Atkins as the new chair, known for his lighter regulatory stance, potentially favorable for the crypto industry. Additionally, the establishment of a "Strategic Bitcoin Reserve" indicates Trump's focus on cryptocurrency integration into national policy.
- Despite Trump's overall supportive stance on cryptocurrencies, his trade policies caused turbulence in the market, resulting in a drop of 14.7% in the total crypto market cap compared to the S&P 500 and Nasdaq 100.
- In January, the surge in Decentralized Exchanges (DEX) volume was driven by a meme coin craze, with Trump's initial foray into launching his own tokens ahead of the inauguration.
- The volume of Decentralized Exchanges (DEX) dipped in February, March, and April, eventually settling at $248 billion.
- Led by Tether and USD Coin, the stablecoin market has seen a massive expansion under Trump's administration, with a market capitalization exceeding $240 billion.
- The demand for Real World Asset (RWA) tokenization has reached unprecedented levels, with a market value of over $11.17 billion, led by key players like BlackRock, Athena USDtb, Ondo Finance, Tether Gold, and Paxos Gold.
- Spot Bitcoin ETFs have welcomed net inflows of $3.85 billion under Trump's leadership, while Ethereum ETFs have experienced net outflows of $132 million due to the declining price of Ethereum against the US dollar and other assets such as Bitcoin and Solana.
- Tron, along with other altcoins, has been significantly impacted by the crypto market, mirroring the drop in the total crypto market cap.
- The SEC's appointment of Paul Atkins as the new chair, known for his lighter regulatory stance, could potentially be beneficial for the crypto industry.
- The establishment of a "Strategic Bitcoin Reserve" by Trump's administration suggests his focus on cryptocurrency integration into national policy.
- The collapse of Mantra remains one of the top stories in the RWA industry, casting a shadow over the sector's growth potential. Investors are keeping a close eye on PI Network, questioning its ability to withstand mounting sell pressure amidst future token unlocks.
