US crypto stocks decline as Trump delays industry action

US crypto stocks experienced a downturn on January 21, following President Donald Trump's inauguration, which did not include any specific actions or comments regarding the cryptocurrency industry.

Shares of major crypto-related companies fell across the board, with Riot Platforms (RIOT) dropping 4.85%, Mara Holdings (MARA) down 1.76%, Terawulf Inc (WULF) declining by 6.88%, and CleanSpark (CLSK) falling 7.67%.

Coinbase (COIN) saw a significant drop of over 8.5% in early trading but managed to close relatively flat at $294.19.

MicroStrategy (MSTR) also traded mostly flat, ending the day down 1.87% at $389.10 after recovering from an earlier dip.

Despite the decline in crypto stocks, Bitcoin continued its upward trend, trading at $105,770 and rising 3.45% in the past 24 hours, inching closer to its recent all-time high of $108,659.

Trump's inaugural address focused on public safety and government reform but notably omitted any mention of cryptocurrency policies that many in the industry had hoped for.

However, he did fulfill his promise to pardon Silk Road founder Ross Ulbricht, which has sparked optimism among crypto advocates regarding future regulatory developments.

“If Ross Ulbricht got the pardon, we are definitely getting the Strategic Bitcoin Reserve,” stated Bitcoin (CRYPTO:BTC) bull Anthony Pompliano, expressing hope for further pro-crypto actions from Trump

While crypto stocks struggled, the broader stock market saw a slight uptick, with the SP 500 rising by 0.88%.

This increase reflects a mixed sentiment as investors adjust to Trump's return to office and await his administration's next steps regarding cryptocurrency regulation.