Crypto Crashes As Blockchain Absent From Trump's Day 1 Executive Orders

The broader cryptocurrency market is starting Tuesday in the red, with all major coins down, including Bitcoin, the world's largest digital currency by market capitalization.

Crypto's broader plunge came amid disappointment in the community over the absence of executive orders (EOs) focused on the industry on Donald Trump's first day as the 47^th U.S. president.

Trump made huge and heavy promises to the industry during his campaign, resulting in an outpouring of financial support from industry executives and leaders to the Republican leader's presidential run.

Fast forward to Day 1 of Trump 2.0 and no crypto-focused EOs were signed, casting a red blanket over BTC and all other top altcoins.

Crypto Bleeds from Expectations Set Too High

Last week, it was reported that Trump will sign an executive order to officially establish a presidential crypto council and possibly, the overturning of the divisive Securities and Exchange Commission (SEC) SAB 121 bulletin.

Hopes were also high over a potential executive order to establish a national Bitcoin strategic reserve, but there was no confirmation from the White House in the lead-up to Monday's inauguration.

Trump is done signing executive orders for the day, and to the dismay of the crypto community that expected much from the "crypto president," no crypto-specific EOs were signed and digital assets, blockchain, or crypto were absent in Trump's inauguration speech.

Seemingly hit hard by mixed sentiment among crypto users after Inauguration Day, Bitcoin and other top coins plunged. BTC is down over 3% in the day, Ethereum (ETH) dipped 4.2%, and XRP has shed 3.7%.

Top memecoin Dogecoin (DOGE) was the hardest-hit, bleeding 9.5% overnight, and Solana is second-bleeder, as it decreased by 7.4% in the last 24 hours.

Crypto Maxis Calm the Brewing Storm

Despite no big news for crypto on the first day of the Trump presidency, crypto maximalists are still hopeful that he won't forget the promises he made.

"We know he is for it. EOs aren't always the answer. We want it to be on the books as the law of the land and not just 4 years. Send it to Congress," said one user.

Well-known crypto executive David Bailey, who became one of Trump's major supporters during the campaign period, said he "got confirmation" Tuesday night that "our EOs are among the first 200."

Bailey did not go into detail about the supposed executive orders for crypto that are included in the first 200 EOs lined up for Trump to sign.

One user, who says she is a Web3 enthusiast, pointed out that while crypto is important, there are "more pressing, real issues" that need Trump's attention.

Another user argued that crypto doesn't really need a pro-crypto president to "moon," suggesting that digital currencies can survive with or without an administration's support.

Trump has pledged to support Bitcoin and crypto, even promising to ensure that the U.S. will lead the global blockchain industry.

Originally published on IBTimes