Donald Trump’s reelection in November 2024 proved to be an impressive bullish catalyst for the cryptocurrency market as it quickly led to many digital assets gatherings. The rally generated 11,000 new Bitcoin (BTC) billionaires, allowing BTC to exceed $100,000, and ultimately reached an all-time high (ATH) of over $109,000.
Donald Trump’s actual presidency had the opposite effect as he began tracking other risky assets amid growing economic uncertainty, which reduced many cryptocurrencies.
In fact, when the billionaire took office, the total market capitalization of digital assets was $3.46 trillion (valued approximately $210 billion since January 1, 2025), reaching $2.7 trillion by the time of reporting on April 21.
In total, cryptocurrency erased around $760 billion in the three months since Trump became president.
The crypto market ignores bullish development
While digital assets were falling apart, the Securities and Exchange Commission (SEC) abandoned multiple cases targeted at the industry, but the sudden decline opposed to improving the regulatory environment was unfolding as the Internal Revenue Service (IRS) removed the cryptocurrency rules and the Department of Justice (DOJ) dissolved a special task force.
The recession was simultaneously strengthened, highlighting the growing link between digital assets and other risky assets such as stocks, and undermining the long-standing similarities between Bitcoin and gold.
In fact, BTC fell 6.53% in 2025, while gold surged to a new high of over $3,400, an increase of 30.20% since January 1st.
Still, the latest developments rekindled hopes for a continuous bull cycle as Bitcoin focused on $87,379 over Easter weekend, rising from $55 billion to $2.65 trillion to $2.7 trillion over the past 24 hours.
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