Bitcoin Banter, Trump's Crypto Moves, Memecoin Mayhem, And Musk's Martian Dreams: This Week In Crypto

The week in the world of cryptocurrency was nothing short of eventful. From sarcastic speculations about President Biden’s Bitcoin BTC/USD strategy to President Trump’s executive order on crypto, the week was rife with significant developments. The inauguration of President Trump also saw the crash of Trump-themed memecoins, while a whale investor made a massive purchase of the Trump memecoin. Meanwhile, Elon Musk’s Martian dreams for Dogecoin were grounded amid lawsuits against his Department of Government Efficiency.

Peter Schiff’s Bitcoin Banter

Noted economist Peter Schiff humorously speculated on whether President Joe Biden would sell some of the state-owned Bitcoin ahead of Donald Trump’s presidential inauguration. Schiff’s comments came in the context of President-elect Trump’s reported plans to declare cryptocurrency a national priority and create a national Bitcoin reserve.

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Trump’s Crypto Moves

President Donald Trump signed executive orders on digital assets, aiming to bolster U.S. leadership in the crypto industry. The order establishes a Presidential Working Group on Digital Asset Markets, chaired by White House ‘AI & Crypto Czar' David Sacks. The group will develop a federal regulatory framework for digital assets and stablecoins.

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Trump Memecoin Mayhem

The official meme coins of President Donald Trump and First Lady Melania Trump tanked on Monday, eroding billions in investors’ wealth. The Official Trump (TRUMP) token sank over 30%, while the Official Melania (MELANIA) coin plummeted over 54% in the last 24 hours.

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Whale Investor’s Trump Coin Purchase

A trader bought over $5 million worth of Official Trump memecoin just minutes after President Trump said he knows little about it. The purchase, which came after the coin fell over 33%, was one of the biggest single purchases since the coin's launch.

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Musk’s Martian Dreams Grounded

Elon Musk’s optimism about his Department of Government Efficiency at Donald Trump’s presidential inauguration did not lift Dogecoin, which plummeted amid lawsuits against the agency. Musk expressed his gratitude to the American people for voting for Trump and assured them of a secure future.

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Photo courtesy: Shutterstock

This story was generated using Benzinga Neuro and edited by Ananya Gairola