Crypto's Choppy Waters Amid Leadership Transitions

Bitcoin faced volatile trading as investors expressed disappointment over Donald Trump's failure to unveil crypto-friendly policies. While Bitcoin hit a record high, hopes diminished as Trump's actions failed to include digital asset policies. Analysts expect market fluctuations until concrete strategies are announced by Trump's administration.

Bitcoin, the leading cryptocurrency, experienced fluctuating trading activity following U.S. President Donald Trump's first day in office. Despite Trump's previous promises to be a 'crypto president,' the absence of crypto-related policies in his initial executive actions led to market volatility.

On Monday, Bitcoin reached a record high of $109,071 but retreated in subsequent trading hours. Investors had hoped for more substantial support from the new administration, as highlighted by Standard Chartered's Geoffrey Kendrick, who predicted potential downturns if supportive measures remain absent.

Adding to the intrigue, Trump's branded 'meme coin' and similar ventures saw significant price drops. Yet, optimism emerged with the appointment of Mark Uyeda as acting SEC chair, potentially heralding a favorable shift in crypto regulations.

(With inputs from agencies.)