Leading crypto exchanges saw a period of heightened activity around Inauguration Day amid the launch of President Donald Trump and First Lady Melania Trump’s official memecoins, sparking optimism over accelerated growth of the industry under the new administration.

“The period leading up to Inauguration Day marked one of the most active times in Kraken's history, highlighted by the launch of TRUMP, which became the most successful token launch within its first 24 hours,” Kraken Global Head of Institutional Tim Ogilvie told The Block.

Ogilvie said that while much of this activity was driven by institutions, the exchange witnessed a broader group of people using cryptocurrencies to engage with cultural moments like this, attracting a significant amount of new investors to the crypto space to trade the Official Trump token, enhancing liquidity. The memecoin's market cap has dropped to $8.4 billion from its $15 billion weekend peak, according to The Block’s TRUMP Price Page.

“The administration's pro-crypto stance has undoubtedly bolstered institutional confidence, leading to a noticeable uptick in positive sentiment since November's election,” Ogilvie said, noting that such institutions ranged from large conservative entities to the more risk-tolerant hedge funds as well as high-net-worth individuals.

“The incoming Trump administration has reduced uncertainty, providing a supportive environment that has encouraged institutions to engage more deeply in the crypto market than they might have a year ago,” he said.

Bybit co-founder and CEO Ben Zhou said the Trump memecoin launches set a “powerful precedent for what is to come,” suggesting the potential for rapid growth in DeFi, institutional investments and broader acceptance of digital assets.

“As global markets adapt to this evolving landscape, regions like Europe, the UAE, the Asia-Pacific, Singapore, and Hong Kong will likely accelerate their crypto initiatives or risk falling behind,” said Zhou. “The market is primed for a positive response, with bitcoin prices expected to range between $175K to $250K as investors embrace incoming clarity and support from the administration.”

OKX President Hong Fang is even more bullish, claiming that there is a “good chance” for bitcoin to realize a $400,000 to $500,000 price range in the next three to four years.

“The new administration’s plans to bring in new economic, social and foreign policy initiatives, coupled with decisions by nations and states to build bitcoin strategic reserves could also open huge marketing windows to promote Bitcoin awareness and drive wider adoption,” she said. However, given market expectations, bitcoin could see a major pullback if no such announcements were forthcoming, she warned.

Meanwhile, Bitget Research Chief Analyst Ryan Lee was keen to emphasize the “powerful influence” of celebrity-backed cryptocurrencies, attracting speculative demand and market liquidity.

“This event marks a new chapter for memecoins, as celebrity participation like Trump’s could inspire others to issue their own tokens, fostering diversification within the memecoin market,” Lee told The Block. “The broader impact suggests that celebrity-backed tokens could reshape market trends, drawing in fresh capital and further integrating blockchain with mainstream audiences.”

Comparing the previous and current inauguration, Presto Research Analyst Rick Maeda noted in a recent report that bitcoin is tracking 2017 quite closely.

BTC performance +-100 days after Trump’s inaugurations. Image: Presto Research.

“The markets are bracing for what appears to be an ambitious and potentially disruptive first 100 days of Trump's second presidency, with particular focus on trade and fiscal policy,” Maeda said. “But today, in early-2025, we're two years into the current bull market and have had some pretty 'up only' price action since the post-FTX lows thanks to the bear market recovery as well as the institutional ETF tail winds that followed. So the question arises, is a 100 day lookback window too short to compare the price action?”

Nevertheless, projecting bitcoin prices using Trump’s first term results, the corresponding targets would be $133,708, $154,260 and $1,447,711 for 50 days, 100 days and 365 days into his second term, respectively, Maeda claimed. However, the analyst noted that one critical difference is the industry's maturity and, hence, the market dynamics.

With Trump back in the Oval Office, attention in the crypto community has turned toward his many election pledges to the industry during his presidential campaign — chief among those being the creation of a bitcoin strategic reserve.

On Tuesday, President Trump signed an executive order issuing a full and unconditional pardon to Ross Ulbricht, the Silk Road creator integrally tied to Bitcoin’s early history, fulfilling another of those campaign promises. Asset managers Osprey Funds and Rex Shares also filed to list exchange-traded funds tracking multiple cryptocurrencies, including Trump's new memecoin, in another signal of the perceived new crypto-friendly regulatory environment in the U.S.

“While this does not have anything to do with his promise of creating a national bitcoin reserve, it represents a significant step towards supporting the crypto community,” BRN analyst Valentin Fournier said. “With Trump signaling greater support for digital assets, continued corporate adoption, and ETF inflows propelling growth, new all-time highs may be within reach after any favorable announcements.”

The appointment of a more pro-crypto Securities and Exchange Commission Chair was another of Trump’s pledges, subsequently nominating former regulator Paul Atkins for the position. Meanwhile, the agency is under the caretaker charge of the crypto-friendly Mark Uyeda, with SEC Commissioner Hester Peirce set to lead a new crypto task force.

“The crypto industry is watching closely to see how the new SEC Chair will approach existing cases,” Pantera General Counsel Katrina Paglia told The Block. “There's an expectation that the agency will re-evaluate its priorities and potentially shift its focus.” 

“Crypto should not be controversial. We saw a great breakthrough in 2024 with the bi-partisan support for the market structure bill FIT21, and expect to see an increased coordination across the aisle moving into 2025,” Paglia said.

“There has been a paradigm shift for the blockchain industry,” Pantera Capital General Partner Cosmo Jiang added. “While we appreciate the shorter term price action in our market has been constructive, the longer term implication of this election is really profound. We’re likely to finally get clear rules that can unleash the entrepreneurial energy in our industry.” 

Meanwhile, not everyone is convinced. Curve Finance founder Michael Egorov described the current state of U.S. crypto regulation as “rather messy, fragmented and inconsistent,” leaving participants uncertain about how to operate.

“Yes, there is talk in regards to President Trump’s administration that leans towards appointing crypto-friendly officials and rolling back on restrictive policies, but whether these changes will bring any actual clarity is a question yet to be answered,” Egorov told The Block.

“Trump’s statements hint at a more supportive stance toward crypto, but the long-term impact will depend on whether his administration can craft policies that strike a balance,” Egorov said. “Ensuring consumer protection is certainly crucial, but it will need to be done in a way that does not stifle the 'decentralized' principles this sector is known and sought out for. Instead, one should leverage principles of decentralization to improve the protection of the same users."

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

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