President Donald Trump was expected to mention Bitcoin during his inauguration speech on Monday. However, that did not come to fruition, leading to Bitcoin price tumbling from its fresh all-time high.
Shares of MicroStrategy Inc. (MSTR) fell nearly 1% in pre-market trading on Tuesday after Bitcoin (BTC) prices tumbled from highs of $109,114.88 to as low as $100,103.96 on Monday.
President Donald Trump was expected to mention Bitcoin during his inauguration speech on Monday. However, that did not come to fruition, leading to Bitcoin price tumbling from its fresh all-time high.
Trump did not bring up cryptocurrency or other digital assets during his speech, even though he endorsed them in the run-up to the presidential election.
The crypto community also rallied to support Trump over his favorable stance towards digital assets.
However, some of the momentum in cryptocurrencies and crypto-linked stocks fizzled out post-inauguration.
MicroStrategy also purchased 11,000 BTC worth $1.1 billion, at an average price of $101,291. This takes the company's total Bitcoin holdings to 461,000.
Retail sentiment on Stocktwits remained in the ‘neutral’ (51/100) zone, while message volume edged up as traders engaged in discussions about the MicroStrategy stock.
Some traders remained optimistic about Trump passing an executive order on cryptos as he begins his presidency.
However, one user pointed out that legislation will be a better solution for cryptocurrencies, than just an executive order.
MicroStrategy’s share price has surged nearly 28% in the past five sessions, leading up to Trump’s inauguration. Year-to-date, the stock has gained over 32%.
Bitcoin prices, on the other hand, have surged over 11% year-to-date.
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