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Trump and Melania Meme Coins Crash, Bitcoin Pulls Back But Remains Above $100K

The official TRUMP and MELANIA meme coins saw massive price declines over the past couple of days, as Donald Trump was inaugurated as the 47th President of the United States.

Bitcoin, on the other hand, dropped to around $102,000 after hitting a new all-time high on Monday.

Notably, Trump did not mention crypto in his inauguration speech, and no executive orders have been issued related to the industry.

Crypto stocks dropped in overnight trading. CleanSpark, Hut 8, Bit Digital, MARA Holdings, and TeraWulf fell more than 2%; Coinbase, MicroStrategy, and Riot Platforms fell nearly 2%.

Coinbase Asks U.S. Appeals Court to Say On-Platform Crypto Trades Aren’t Securities

Coinbase has petitioned a U.S. appeals court to rule on whether or not the crypto trading activity on its platform should be subject to securities laws.

In a Tuesday court filing, lawyers for Coinbase urged the Second Circuit Court of Appeals to hear its case, arguing that it “presents the single best opportunity to decide the fundamental legal question of how to treat the secondary trading of digital assets.”

“This case cries out for the Court’s immediate attention,” lawyers for Coinbase wrote in their petition. “Whether secondary-market trading of digital assets falls within the federal securities laws is a question of immense importance to the crypto industry, consumers, financial institutions, and lower courts in need of guidance. This case presents an ideal vehicle to address that question and provide clear rules for this multi-trillion-dollar industry.”

MARA Holdings Pushes for Strategic Bitcoin Reserve Across the U.S.

MARA Holdings has unveiled plans to promote the Strategic Bitcoin Reserve (SBR) across all 50 U.S. states and at the federal level.

CEO Fred Thiel emphasized the company’s focus on integrating Bitcoin into national financial strategies, while Senior VP Jayson Browder highlighted ongoing collaboration with the Trump administration to advance the initiative. The company also continues to support Bitcoin advocacy groups to bolster its efforts.

Legislation for SBR has already been introduced in 11 states, including Florida and Wyoming, reflecting growing interest in making Bitcoin a key part of state financial policies.

Bitwise Files Dogecoin ETF Registration, Firm Confirms

Crypto index fund manager Bitwise has submitted a registration filing in Delaware for a potential Dogecoin exchange-traded fund, the firm's chief investment officer confirmed.

Widely considered the first memecoin, Dogecoin was created as a joke in 2013 by software engineers Markus and Jackson Palmer. The token has taken on new life in recent months thanks to the establishment of the Department of Government Efficiency under now-President Donald Trump. 

Dogecoin is the seventh-largest cryptocurrency by market cap, currently sitting around $54 billion.

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Wednesday was $248.65 million. The total net asset value of Bitcoin spot ETFs is $121.4 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.87%.

Source: SoSoValue

The Bitcoin spot ETF with the highest net outflow on January 22 was Grayscale Bitcoin Trust (GBTC), with a net outflow of $47.93 million. Following that was Bitwise Bitcoin ETF (BITB), with a net outflow of 34.67 million, according to SoSoValue. While The Bitcoin spot ETF with the highest net inflow was iShares Bitcoin Trust (IBIT), with a net inflow of $344.28 million.

Source: SoSoValue