But tokens including Bitcoin and Ether, the second-largest crypto, have slumped since then, and a 1.5 billion dollar (£1.2 billion) heist from a crypto exchange last week prompted an even sharper fall.
Mr Trump has been vocal in his support for the crypto industry, and even suggested creating a bitcoin “strategic reserve” before he was inaugurated as President, saying he wanted to make the US the world’s “crypto capital”.
Meanwhile, the appetite for risky assets like bitcoin from traditional finance firms like banks and asset managers, which had started investing in crypto in recent months, has also “cooled”, he added, pointing to growing trade tension around the world as the reason.
Last week’s 1.5 billion dollar (£1.2 billion) theft of ether, the token which powers the Ethereum blockchain network, from the crypto exchange Bybit, has also dampened sentiment.
The world’s largest cryptocurrency had risen to record highs of 109,000 dollars (£86,100) per Bitcoin late last year, after the industry received the backing of Donald Trump and his new US administration.
