On January 21, Donald Trump Jr. announced strategic crypto asset purchases by World Liberty Finance to commemorate Donald Trump's inauguration as the 47th President of the United States.
Strategic Crypto Purchases
The World Liberty Finance platform made several strategic purchases, including $47 million in wrapped Bitcoin (wBTC) and Ethereum (ETH). Additionally, there were $4.7 million batches of Aave (AAVE), Chainlink (LINK), Tron (TRX), and Ethena (ENA).
Market Reaction
Analysts and entrepreneurs commented on these purchases. Bloomberg ETF analyst James Seyffart called it 'not quite the strategic reserve everyone is looking for,' while Bitcoin Magazine CEO David Bailey noted that 'Trump's crypto team has started rotating their treasury into Bitcoin in small slugs.' Tether strategy advisor Gabor Gurbacs lamented the lack of cryptocurrency acknowledgment in Trump's speech.
Cryptocurrency Market Trends
Following the inauguration, the total cryptocurrency market capitalization declined to $3.64 trillion. Bitcoin reached a new all-time high of $109,400 but then fell to $102,000. Ethereum reached $3,430 before slipping again, and altcoins showed mixed performance, with the TRUMP meme coin dropping 30%.
The inauguration's impact on the cryptocurrency market was less significant than expected. Nevertheless, the attention to crypto assets by the Trump family highlights their strategic interest in digital currencies.
