Bitcoin falls to $102K as $TRUMP plunges.

Investing.com— Following a brief surge on anticipation of more crypto-friendly policies from President Donald Trump, Bitcoin plummeted on Thursday. His newly created memecoin also saw sharp declines.

The Securities and Exchange Commission temporarily backed cryptocurrency markets by announcing that it will establish a task force to provide guidance on crypto regulation under new leadership.

Despite the hopes of some industry participants, Trump failed to sign any executive orders pertaining to cryptocurrency during his first few days in office, leaving markets disappointed.

While the buzz surrounding artificial intelligence caused risk-heavy traders to become more skewed towards equities markets, the launch of $TRUMP, which has seen huge price swings since its inception, also added to market volatility.

Bitcoin dropped 2.9% around 00:54 ET (05:54 GMT) to $102,600.2. Prior to Trump’s inauguration this week, the largest cryptocurrency in the world temporarily reached a record high above $109,000, but it has subsequently experienced sharp drops.

As the Trump bump wanes, Bitcoin declines

As hope for Trump’s crypto-friendly policies seemed to be fleeting, Bitcoin mostly failed to hold onto its gains this week.

Although the SEC’s announcement does signal some progress in the direction of more lenient regulations, the commission did not elaborate on the specific policies that its task force will be examining. Additionally, the SEC did not specify when the new regulation would be implemented.

The fact that Trump did not sign any executive orders pertaining to cryptocurrency and that his threats of tariffs on key economies dampened risk appetite were also major points of disagreement for the cryptocurrency markets.

Just after its inception, Trump’s memecoin, $TRUMP, hit record highs of almost $80, but it fell 13.7% to $37.413 on Thursday. The token sparked some debate about Trump’s morality in exploiting his position to increase his personal wealth.

Regarding the billions of dollars in paper gains he had probably made via $TRUMP, the President was observed generally avoiding inquiries.

Fink of Blackrock believes that Bitcoin is worth $700,000.

Larry Fink, the CEO of BlackRock (NYSE:BLK), expressed optimism about Bitcoin, saying he thought it could reach $700,000 if more people adopted it because to worries about the political and economic stability of their nations.

Although he made it clear that he was not endorsing the cryptocurrency, Fink told Bloomberg that he supported the use of Bitcoin as a globally based tool.

Last year, BlackRock introduced the iShares Bitcoin Trust (NASDAQ:IBIT), an exchange-traded fund that tracked the spot price of Bitcoin. Although inflows have now stalled, the launch had initially drawn a flood of financial flows in early 2024.

Today's cryptocurrency price: Bitcoin losses are tracked by altcoins.

Bitcoin prices dropped along with those of other cryptocurrencies. XRP declined 0.7% to $3.1404, while Ether, the second-ranked cryptocurrency in the world, dropped 3% to $3,216.16.

While Dogecoin lost 3.8% among meme tokens, Solana, Cardano, and Polygon all saw declines of 2% to 4%.

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