Bitcoin Drops after Trump's Crypto Tokens Take a Hit

Bitcoin and other cryptocurrencies took a dive on Tuesday, following the inauguration of President Donald Trump. TRUMP, a token launched last week to represent the new U. S. leader, fell by over 20% in just a day, according to CoinGecko. A meme token created by the first lady, Melania Trump, dropped by nearly 60% in the same period. Bitcoin saw a 5% decrease, trading at around $102, 589, while ether and XRP also slid by 3% and 5%, respectively. Investors had been optimistic about Trump's policies being favorable to cryptocurrencies, but his inauguration didn't bring any specific policy announcements.

This lack of concrete plans seemed to cool the market's enthusiasm. Experts like Kenneth Lamont from Morningstar cautioned investors to understand the risks before jumping into crypto trading. He advised against rushing in due to fear of missing out, suggesting they wait and see if Trump delivers on his promises before making any moves.

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