Crypto Bleeds from Expectations Set Too High

The broader cryptocurrency market is starting Tuesday in the red, with all major coins down, including Bitcoin, the world's largest digital currency by market capitalization.

Cryptocurrency prices fell across the board on Tuesday, as the broader market took a hit amid disappointment over the absence of executive orders (EOs) focused on the digital asset industry on Donald Trump's first day as the 47th U.S. president.

Trump, who made large and heavy promises to the crypto community during his campaign, received an outpouring of financial support from industry executives and leaders for his presidential run.

However, to the dismay of the crypto community that expected much from the "crypto president," no crypto-focused EOs were signed on Monday, and digital assets, blockchain, or crypto were absent in Trump's inauguration speech.

Bitcoin and other top coins took a hit, as traders seemed to have priced in the possibility of pro-crypto executive orders, and their absence led to a sell-off. BTC fell over 3% in the day, while Ethereum (ETH) dipped 4.2%, and XRP shed 3.7%.

Among the top memecoins, Dogecoin (DOGE) took the hardest blow, bleeding 9.5% overnight, while Solana came in second as it decreased by 7.4% in the last 24 hours.

Despite the lack of big news for crypto on the first day of the Trump presidency, crypto maximalists remained hopeful that he will not forget the promises he made.

"We know he is for it. EOs aren't always the answer. We want it to be on the books as the law of the land and not just 4 years. Send it to Congress," said one user.

Well-known crypto executive David Bailey, who became one of Trump's major supporters during the campaign period, said he "got confirmation" Tuesday night that "our EOs are among the first 200."

Got confirmation tonight that our EOs are among the first 200. I have no idea what made it in, but good news cometh

Bailey did not go into detail about the supposed executive orders for crypto that are included in the first 200 EOs lined up for Trump to sign.

One user, who says she is a Web3 enthusiast, pointed out that while crypto is important, there are "more pressing, real issues" that need Trump's attention.

Another user argued that crypto doesn't really need a pro-crypto president to "moon," suggesting that digital currencies can survive with or without an administration's support.

Trump has pledged to support Bitcoin and crypto, even promising to ensure that the U.S. will lead the global blockchain industry.