The week in the world of cryptocurrency was not lacking in events. Sarcastic speculation about Joe Biden’s strategy regarding the Bitcoin(CRYPTO: BTC) to the cryptocurrency executive order signed by Donald Trump, the week was full of important developments. Joe Biden’s inauguration was also marked by the fall of Trump memecoins, while a whale investor made a massive purchase of Trump memecoins. Meanwhile, Elon Musk’s Martian dreams for Dogecoin have been hampered by lawsuits against his Department of Government Efficiency.
Peter Schiff’s Bitcoin jokes
The economist Peter Schiff has humorously speculated on whether Joe Biden would sell some of the state-owned Bitcoin ahead of Donald Trump’s inauguration as president. Schiff’s comments were made 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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Cryptocurrency movements according to Trump
Donald Trump signed executive orders on digital assets, aimed at strengthening US leadership in the cryptocurrency industry. The order establishes a Presidential Task Force on Digital Asset Markets, chaired by the White House’s “AI & Crypto Czar,” David Sacks. The group will develop a federal regulatory framework for digital assets and stablecoins.
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Trump’s memecoin in the storm
The official memecoins of President Donald Trump and first lady Melania Trump plummeted Monday, eroding billions of dollars of investor wealth. The Official Trump (TRUMP) token fell more than 30%, while The Official Melania (MELANIA) fell more than 54% in the last 24 hours.
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Whale investor’s purchase of Trump’s memecoin
A trader bought more than $5 million in official Trump memecoin minutes after saying President Trump knew little about it. The purchase, which came after the coin fell more than 33%, was one of the largest single purchases since the coin’s launch.
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Musk’s Martian dreams are falling apart
Elon Musk’s optimism about his Department of Government Effectiveness during Donald Trump’s inauguration as president didn’t help Dogecoin, which fell 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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