Marathon Digital Holdings (MARA) plunged 5.07% in pre-market trading on Tuesday, as cryptocurrencies and related stocks retreated after President Donald Trump's inauguration failed to immediately deliver on expected pro-crypto policy moves.
Prior to taking office, Trump had signaled his intent to embrace digital currencies and position the U.S. as the "crypto capital" of the world. Investors bid up cryptocurrency assets like Bitcoin and crypto mining stocks like MARA in anticipation of Trump's supportive policies.
However, on his first day in office, Trump did not issue an anticipated executive order designating crypto as a "national priority" or unveil other immediate measures to bolster the digital asset industry. While some analysts believe the pro-crypto directives are still forthcoming, the lack of immediate action has triggered profit-taking in the crypto sector.
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