Bitcoin falls heavily due to no mention of crypto in Trump’s inaugural speech

There was no mention of crypto in Donald Trump’s first address after becoming President of America for the second time. This has caused a big fall in Bitcoin. Bitcoin made a new high of more than $1,09,200 on Monday, before Trump was sworn in. The prices of many other cryptocurrencies also fell significantly on Tuesday.

At the time of publishing this report, the price of Bitcoin was down by about 5.60 percent and was trading at just over Rs 1,02,400. Ether, the second-largest cryptocurrency, was down by more than 3.60 percent. Its price was around $3,264. Other cryptocurrencies to decline included Solana, Polkadot, Ripple, Tether, Chainlink and Tron. In the last one day, the market capitalization of crypto had declined by more than one percent to about $ 3.50 trillion.

Market analysts say that the market has been shocked by Trump not giving any information about cryptocurrencies at the beginning of taking office. Trump had hinted at creating a reserve of Bitcoin during his election campaign. Due to this, the price of Bitcoin had increased significantly. The interest of institutional investors in this segment is increasing. Software maker MicroStrategy, which has the largest holding of Bitcoin, may increase purchases of this most valuable cryptocurrency. For the last few weeks, American company MicroStrategy has been continuously purchasing this most popular cryptocurrency. The co-founder of this company, Michael Saylor has indicated to increase his holding of Bitcoin.

Recently MicroStrategy purchased approximately 2,530 Bitcoins for approximately $243 million. This company has approximately 4,50,000 bitcoins. MicroStrategy has got huge profit on this investment. The company plans to increase its authorized Class A common stock from approximately 330 million shares to more than 10 billion shares. The plan may be presented for voting at MicroStrategy’s shareholders’ meeting on January 21. However, Saylor holds about 47 percent of the voting shares. With this increase in the shares of this software company, its total number of outstanding shares will be close to that of American company Alphabet, which operates Amazon related to e-commerce and technology and Internet search engine Google.