PANews reported on February 20 that according to Jinshi, one month into Trump's second term, the excitement brought by it, from stocks to the US dollar to Bitcoin, is fading. Previously, crypto assets soared because the industry supported Trump and he promised to create a friendlier regulatory environment. But those gains have weakened without much new development to continue the bullish sentiment. For example, the establishment of a national Bitcoin reserve promised by Trump during the campaign has not yet been realized, and David Sacks, the White House director of encryption and artificial intelligence, said this month that an internal working group needs to study the feasibility of the plan. Two months after the election, Bitcoin rose by about 50%. But since reaching a high of more than $100,000 in January, it has fallen to around $97,000 as of Thursday. Scandals involving meme coins such as Libra have also weakened investors' interest in cryptocurrencies. "The atmosphere in the cryptocurrency market is very negative right now," said Matthew Hougan, chief investment officer of Bitwise.