It’s safe to say the cryptocurrency market has seen better days. For a while, those better days seemed within reach thanks to promises made by President Donald Trump.
Initially, the market responded positively, but now most digital assets trade below their levels from his inauguration — and even lower than before the election.
Trump’s Major Promises
The 2024 election was a turning point for the industry. On one side was Vice President Kamala Harris, expected to continue many of Joe Biden’s policies, including stricter regulations affecting crypto. On the other was Donald Trump, who despite a rocky history with Bitcoin and other cryptocurrencies during his first term, began courting the sector during the campaign.
Trump adopted the label “crypto president,” attended the largest Bitcoin conference in the United States, and delivered an impassioned speech about Bitcoin and regulatory changes. He even suggested he would remove then-SEC Chair Gary Gensler — a statement more rhetorical than practical — and staged high-profile gestures, like paying for a burger in New York with Bitcoin.
He made several headline-grabbing pledges about transforming the U.S. into a global hub for crypto, encouraging domestic Bitcoin mining, and establishing what he referred to as a national Bitcoin strategy reserve. Those promises energized the community, which had long been accustomed to either indifference or hostility from the White House. As a result, prominent figures and investors in the crypto space began supporting his campaign in hopes of a friendlier regulatory environment.
Reality Check: 18 Months Later
Following Trump’s decisive election victory, the market surged. The optimism translated into strong price gains, and even the launch of two meme tokens associated with Trump and his wife briefly amplified the frenzy ahead of his inauguration.
Throughout much of the first year, prices continued to climb despite occasional setbacks like the “Liberation Day” incident and a mid-year correction. By October, several major tokens, including BTC, ETH, and XRP, reached new all-time highs. Confidence was high.
Then the tide turned. A massive liquidation event in early October marked the start of a sharp decline, with Bitcoin eventually falling to $59,000 — a level below where it stood before the election. Many altcoins experienced even steeper losses.
Performance since the inauguration — the moment the so-called “crypto president” returned to the White House with promises to follow through — has been notably worse. Market snapshots published on social platforms highlight dramatic drops across major tokens, reflecting a broad pullback from the initial post-election optimism.
Crypto prices since Trump took office: $BTC -44% $ETH -49% $XRP -68% $SOL -77% $DOGE -79% $AVAX -82%$ADA -85% $SUI -86% $ENA -92% $APT -93% $TRUMP -97.7%$MELANIA -99.5%
WE KEEP WINNING RIGHT ..
— Crypto Tony (@CryptoTony__) June 5, 2026
The recent market trajectory shows that political support alone isn’t enough to guarantee long-term gains. While campaign rhetoric and high-profile endorsements can spark enthusiasm, the crypto market remains highly sensitive to broader economic forces, liquidity events, and investor sentiment. As traders and holders reassess expectations, the industry will watch closely to see whether policy follow-through or shifting macro conditions can restore confidence and resume the earlier momentum.