Crypto Stocks Slide as Bitcoin Rises; Trump’s Crypto Plans Delayed
The crypto market faces uncertainty as President Donald Trump’s anticipated actions on cryptocurrency remain unfulfilled, causing crypto stocks to drop while Bitcoin shows resilience.
By Tylt Editorial Team
Major crypto stocks like RIOT and MARA close lower, reflecting market unease.
Bitcoin gains 3.45%, nearing its all-time high of $108,659.
Trump pardons Silk Road founder but delays pro-crypto initiatives.
The U.S. crypto market faced a challenging day on January 21, with key crypto-related stocks closing in the red amid mounting anticipation for President Donald Trump’s pro-crypto campaign promises. Despite expectations of immediate action, Trump’s initial days in office passed without any major announcements on cryptocurrency policies.
Shares of prominent crypto mining companies and exchanges experienced significant declines. Riot Platforms (RIOT) dropped 4.85%, while Mara Holdings (MARA) ended the day down 1.76%. Terawulf Inc (WULF) saw a sharp fall of 6.88%, and CleanSpark (CLSK) tumbled 7.67%. Similarly, Coinbase (COIN) opened with an 8.5% drop but managed to recover and close relatively flat at $294.19. MicroStrategy (MSTR), a major Bitcoin investor, also experienced volatility, closing down 1.87% after rebounding from a 7% dip earlier in the day.
In contrast to the stock market’s struggles, Bitcoin continued to demonstrate strength. The leading cryptocurrency rose 3.45% in the past 24 hours to trade at $105,770, edging closer to its all-time high of $108,659. This divergence between crypto stocks and Bitcoin highlights the market’s mixed sentiment during this transitional period.
President Trump’s return to the White House was marked by a focus on broad policy goals such as public safety, energy independence, and government reform. However, his campaign promises regarding cryptocurrency regulation and a potential Strategic Bitcoin Reserve remain unaddressed.
The pardon of Silk Road founder Ross Ulbricht on January 21 has provided a glimmer of hope for crypto enthusiasts, suggesting that Trump may still fulfill his crypto-related commitments. Venture capitalist and Bitcoin advocate Anthony Pompliano expressed optimism, stating that Trump’s actions could make history with the stroke of a pen.
While crypto stocks struggled, the broader market showed modest gains, with the S&P 500 rising 0.88% as optimism about a pro-business administration took hold. The U.S. dollar index also retreated 1.27% from its two-year high, adding to the financial market's complex landscape.
The coming days will be critical for the crypto industry as it waits to see whether Trump’s administration delivers on its promises, potentially reshaping the sector’s regulatory and economic future.
