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From Heaven to Hell with a Word from Trump... The Fearsome 'Crypto President'
- Former President Trump's remarks and policies are significantly impacting the cryptocurrency market, increasing market volatility.
- The Trump family's meme coins are shaking investor confidence, exacerbating uncertainty across the existing cryptocurrency market.
- Despite criticism of the meme coin launch, some expect it to attract new investors.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
Trump's actions are having a massive impact on the cryptocurrency market. It's no exaggeration to say that the market is in turmoil with his every word, and cryptocurrency investors are keenly attuned to his statements.
Recently, while some countries are moving to include cryptocurrencies in the institutional framework, the cryptocurrency craze is spreading not only to major existing cryptocurrencies like Bitcoin but also to meme coins launched by Trump. The Trump family has drawn public attention by earning billions of dollars in a short time with these meme coins, which are intangible digital assets.
However, existing major cryptocurrency investors are concerned that the rise of meme coins is shaking the trust in the entire cryptocurrency market. It is a point of interest to see what impact Trump, who was once regarded as a hero in the cryptocurrency industry, will have on this market in the future.
Bitcoin Shaken by Trump's Reappearance
Expectations and disappointments regarding Trump's 'pro-virtual currency' policy have led to repeated fluctuations in the coin market. During his campaign, Trump promised various policies to revitalize the virtual asset industry. Notably, his promise to hold Bitcoin as a strategic reserve asset of the U.S. federal government drew attention.
After winning the election, Trump made his intentions clear by appointing cryptocurrency advocates to key positions. He nominated Howard Lutnick, CEO of Cantor Fitzgerald, as Secretary of Commerce, and Paul Atkins, a long-time Washington D.C. veteran and cryptocurrency advocate, as head of the Securities and Exchange Commission (SEC). In this atmosphere, Bitcoin reached a record high of $109,000 before Trump's inauguration.
Additionally, President Trump pledged to establish a Bitcoin and virtual asset advisory committee composed of industry representatives and opposed the U.S. Central Bank Digital Currency (CDBC).
After his inauguration, the absence of executive orders on cryptocurrencies led to a temporary plunge in Bitcoin. There is also an analysis that the anticipation for Trump's inauguration has dissipated. Crypto Dan, a contributor to CryptoQuant, explained, "The anticipation due to Trump's inauguration acted as a boon, but its influence is waning," while adding, "However, if the Trump administration implements related policies such as deregulation and tax cuts, investment sentiment may improve again."
Meme Coins, Changing the Coin Market Landscape?
There are concerns that the coin industry was caught off guard by Trump's issuance of meme coins. Just before his inauguration, Trump successively launched the meme coins 'Official Trump' and 'Official Melania Meme'. Meme coins are speculative virtual currencies created based on parody without actual utility.
In the coin industry, there is concern that the credibility of cryptocurrencies, which had been painstakingly rebuilt after the bankruptcy of major exchange FTX in 2022, could be shaken by the success of Trump coins. Mark Cuban, a cryptocurrency investor and Democratic supporter, expressed concern, saying, "People might think meme coins are the foundation of the cryptocurrency industry." Ryan Selkis, former CEO of Messari and known Trump supporter, criticized, "The advisor who suggested launching Melania Coin should be fired."
There are also claims that the coin itself has potential conflicts of interest. This is because a significant portion of the profits from the rise in coin prices is attributed to the Trump family. 80% of the Trump coin supply is held by a Trump Group affiliate, where Eric serves as executive vice president.
On the other hand, some voices expect that meme coins will attract new investors. Recently, ETFs based on cryptocurrencies like Solana and Ripple have been filed with the SEC. Financial firms Rex Financial and Osprey Funds have requested SEC approval for an ETF based on Trump coins.
Reporter Hyein Lee hey@hankyung.com

Korea Economic Daily

hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.PiCK News
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