In the chaotic whirlwind of economic turbulence, uncertainty reigned supreme during Donald Trump’s first 100 days in office, and Bitcoin felt every bit of that pressure. A 9% drop in Bitcoin’s price wasn’t just a number; it signaled panic. The S&P 500 mirrored this decline, falling nearly 8%, as trade wars kicked in and global markets crumbled. The April 2 tariffs rolled out like a bad joke, causing sell-offs that echoed the COVID-19 market mayhem. It was a perfect storm, and Bitcoin’s dominance—hitting 62% of the crypto market cap—wasn’t enough to shield it from the chaos.
The fallout was severe. Over 20,000 Bitcoin millionaires vanished into thin air. The number of millionaire addresses plummeted from 176,364 to 153,054, a staggering 13.22% drop. Even those with $10 million or more took a hit, with their ranks shrinking by 18.30%. The mid-tier Bitcoin holders weren’t spared either; 19,869 addresses in the $1 million to $9.99 million range disappeared. Retail holders? They lost a whopping 3 million addresses. Daily, 233 millionaire addresses bit the dust. Ouch.
Over 20,000 Bitcoin millionaires vanished, while retail holders faced a staggering loss of 3 million addresses. Ouch.
Yet, amidst this carnage, there was a glimmer of hope. Trump’s administration appointed pro-crypto officials to the SEC and CFTC, signaling a shift. New regulations were on the horizon, and tax burdens were easing up. Institutions showed interest, with a Bitcoin reserve initiative announced. Investor confidence in the US financial system began to wane, and this added to the overall uncertainty surrounding cryptocurrencies. In fact, the potential for major economic impacts from crypto legislation loomed large, raising questions about how the market would adapt. Additionally, the limited supply of 21 million Bitcoins created a sense of urgency among investors to hold onto their assets as the market fluctuated.
But let’s not get too excited. The tariffs raised hardware costs for miners, squeezing those profit margins tighter than a pair of skinny jeans. The market remained jittery, and while Bitcoin showed some resilience, volatility was the name of the game. Investors were cautious, seeking refuge in defensive assets.
The world watched, wondering if Bitcoin could survive the storm. One thing was clear: Trump’s first 100 days were a bloodbath, leaving a trail of wreckage in the crypto millionaire landscape.
