CHART: Wasn’t Trump supposed to be good for crypto?
When President Donald Trump took office earlier this year, bitcoin (BTC) was at an all-time high, and the crypto industry was euphoric. Now, just over six weeks later, reality has set in. Plotting specific metrics on a graph shows an avalanche of downward trendlines toward recession. Protos has compiled a chart of major assets, indices, and metrics relevant to any investor since the day Trump became president for the second time, proving it would have been better to have bought the rumor and sold the news of Trump’s ostensibly pro-crypto administration. Niche sectors within crypto have performed particularly poorly but macro metrics like unemployment have also suffered. Since Inauguration Day, crypto’s combined market cap has declined $800 billion, while BTC has lost nearly one-third of its value, plummeting from an all-time high of just over $108,000 on January 20 to a little over $75,000 early on Monday . This is despite Trump promoting the currency multiple tim...