Bitcoin Drops During Trump’s First 100 Days—And Crypto Bulls Are Getting Impatient

When Donald Trump returned to the White House and declared himself the “crypto president,” many in the digital asset space expected a boom. But 100 days in, the reality has fallen short of the hype—at least for now.

$BTC , which hit a record high of $109,225 on Inauguration Day (Jan. 20), has since dropped more than 10%, frustrating investors who had hoped for a rally. The crypto briefly plunged below $74,500 earlier this month amid renewed tariff concerns, though it has since rebounded to around $95,400.

Sentiment Shift After Early Optimism

“The enthusiasm and optimism peaked around Trump’s inauguration day, but it has been pretty much downhill from there,” said Alice Liu, head of research at CoinMarketCap.

A mix of policy uncertainty and market skepticism has weighed on sentiment. One sore point for some investors was Trump’s own meme coin, launched just days before the inauguration. Instead of reinforcing confidence, it was seen by some as a distraction or even a gimmick.

Another letdown: Trump’s executive order to establish a national crypto reserve. Rather than actively buying Bitcoin to support the market, the reserve will be built using coins seized by the government—a move seen as passive and uninspiring. Active buying, meanwhile, would likely face intense political resistance.

Regulatory Wins Offer Hope—But Need Time

Despite price weakness, Trump’s presidency has already brought some regulatory changes that crypto advocates see as steps in the right direction.

One major shift: the Securities and Exchange Commission dropped several high-profile lawsuits against crypto firms, including Ripple and a large crypto exchange. The SEC also reversed a controversial rule—Staff Accounting Bulletin No. 121—which had made it difficult for banks to offer crypto custody services.

In addition, Trump signed an executive order in January to create a federal crypto working group, tasked with drafting a regulatory framework for digital assets. While the effort is promising, specific plans have yet to emerge.

“These are all incredibly bullish developments for the space, but they take time to play out,” said Eric Rose, head of digital-asset execution at StoneX Digital.

“Just because you give banks the green light doesn’t mean they jump in the next day,” Rose added. “They need to build strategies, decide where to focus, and hire people. That takes months, maybe years.”

What the Industry Still Wants to See

Investors say that for Trump’s policies to meaningfully boost crypto adoption, more concrete action is needed. High on the industry’s wish list: clear rules around how tokens are classified, particularly whether they count as securities. Legislation around stablecoins is also still pending.

Others hope to see the SEC approve crypto ETFs with staking capabilities, as well as funds that invest in smaller tokens beyond Bitcoin and Ethereum.

So far, Trump’s second term has brought potential—but not yet the breakout moment many had hoped for. If the administration delivers more detailed and actionable policies in the coming months, the crypto crowd may still get their rally. Until then, cautious optimism prevails.