The price of bitcoin dropped below $90,000, leading to significant declines in other cryptocurrencies, erasing gains made since President Trump’s pro-crypto stance. Bitcoin, trading at around $89,000, had seen a decrease from $106,000 during Trump’s inauguration. The drop was attributed to a report showing lower consumer confidence this month. Despite the decline, bitcoin remains higher than pre-election levels, prompting supporters to view it as an investment opportunity.

Recent developments in the cryptocurrency industry have been a mix of positive and negative. Pro-crypto officials have pledged favorable regulations, while the SEC plans to ease enforcement actions against industry players like Coinbase and Robinhood. However, a major hack at Bybit, stealing $1.5 billion, and a scandal involving the Argentine President and the meme coin LIBRA have exposed vulnerabilities in the industry. President Milei faces a corruption probe over the coin’s price manipulation.

Meme coins, like the Melania Trump coin and others, are speculative cryptocurrencies with no intrinsic value, often soaring in price. Hayden Davis, a developer, described meme coins as benefiting a select few at the expense of retail investors. Solana, a key player in the meme coin ecosystem, has seen a significant price drop since Trump’s inauguration. Despite the industry’s challenges, supporters continue to advocate for crypto investments amidst the market fluctuations.