#特朗普就职百日 Trump's first 100 days have shown a complex impact on the cryptocurrency market. On a policy level, he has fulfilled some campaign promises, including replacing the SEC chairman, dropping lawsuits against companies like Coinbase, pardoning the founder of Silk Road, and promoting the establishment of a Bitcoin strategic reserve. These measures temporarily boosted market confidence, with Bitcoin briefly surpassing $109,000. However, the actual effects were limited: the total market value of cryptocurrencies shrank by about $600 to $800 billion, and the price of Bitcoin dropped over 10% since the inauguration.

The deep-seated contradiction lies in the fact that the symbolic significance of the policies outweighs their substance: the regulatory framework remains unclear, and the trade war initiated by Trump has exacerbated macroeconomic uncertainty, suppressing market growth. Institutional investors are taking a wait-and-see approach, and market sentiment is significantly driven by news-related fluctuations. In the long run, policy loosening may promote the integration of the cryptocurrency circle with traditional finance, but one must remain cautious of regulatory reversals and geopolitical risks.