Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Few topics divide the crypto industry more than politics. Donald Trump is often called “the first American crypto president”, while the Biden administration has gained a reputation for its hostility towards the sector.
But when the rhetoric is removed and replaced with market data, the picture becomes more complex. The key question is not that the administration has spoken more favorably about cryptocurrencies, but rather that the administration has done better.
Bitcoin Performance: The numbers tell a clear story
In the 2024 US presidential election, Trump presented himself as a pro-crypto candidate, pledging to make the US the “crypto capital of the world”. You promise to stop Anti-crypto actions, brake in SEC crackdowns, And in his own words Special:
“It’s Joe Biden’s war on cryptocurrencies and we will make sure that the future of cryptocurrencies and the future of Bitcoin is in America.”
This fueled optimism in the market and raised hopes for a bullish rally. Fast forward to the end of 2025, where Bitcoin is down about 5%.
Sponsored
Sponsored
In comparison, during Biden’s first year as president, the world’s largest cryptocurrency rose about 65%. The performance weakened in 2022, but the momentum returned in the following years.
Bitcoin has recovered strongly, increasing by about 155% in 2023 and an additional 120.7% in 2024.
| Sunnah | Bitcoin Return (%) |
| 2021 | 65% |
| 2022 | 64.2% |
| 2023 | 155% |
| 2024 | 120.7% |
| 2025 (until December 26) | -5% |
Examining Trump’s first term as president, one analyst noted that it was the “biggest cryptocurrency rally” in history, with the total cryptocurrency market capitalization growing approximately 115 times from the beginning to the end of his term.
“Biden’s tenure has returned 4.5 times from start to finish, and even in the worst moments, it is not less than the annual opening of his term. His second term so far is less than Opening annual, but there are 3 more years,” wrote the pseudonymous analyst.
Bitcoin under Trump
So what really happened this year? This decline is not something that can be understood just by looking at the title returns for 2025.
In January, the momentum was further in favor of Bitcoin. Before Trump’s inauguration, BTC rose above $109,000recording an all-time high at that time. There are also developments in the regulatory aspect, where The SEC established a task force To provide a transparent regulatory framework for digital assets.
However, Trump’s next steps have reversed all of these gains. After announcing customs duties in… European Union He developed it after the day of liberationCrypto markets have fallen along with stocks.
It should be noted that advertising Signing led to Modest recovery. This highlighted the market’s sensitivity to broader macroeconomic developments and indicated increased volatility.
Sponsored
Meanwhile, adoption continues to grow Increase reserve initiatives Bitcoin at the state level and increasing institutional participation. The price of Bitcoin continued its upward trend, registering positive returns for four consecutive months from April to July.
The main trend during this period was the emergence Digital Treasures (DAT). Public companies are increasingly adopting Bitcoin as a reserve asset, following the plan made famous by Micro(Strategy).
Bitcoin has benefited from this change, with many experts arguing that institutional participation can help reduce volatility and signal asset maturity in traditional finance.
As confidence increased, the appetite for risk and the use of leverage also increased. Attracts high-risk, high-leverage traders High broad attention. On the macroeconomic front, the Federal Reserve cut interest rates in September. This was also bullish for risk assets.
Bitcoin reached an all-time high in October, peaking at $125,761 on October 6. Many expected a further increase, with targets ranging from 185,000 to 185,000. $200,000 at the end of the year.
This optimism was supported by favorable macroeconomic catalysts and the historically strong performance of Bitcoin During the fourth quarter.
BeInCrypto said that in On October 11, Trump announced… Imposing a 100% customs duty. China to reduce the market. More than $19 billion of leveraged positions were wiped out, resulting in significant losses for many traders.
The broader decline continued in the following months, It is aggravated by financial leverage.
“It also seems to be a structural and mechanical decline. It all started with institutional flows in the middle to the end of October. In the first week of November, crypto funds saw the outflow of – $1.2 billion. The problem becomes an excessive level of leverage in the middle of these outflows… Excessive levels of leverage led to a market that seemed sensitive “he said. How published Letter from Kobesi in November.
Bitcoin fell 17.67% in November and has since lost an additional 1.7% of its value this month, according to For the data Quinglass.
Sponsored
Sponsored
From Bitcoin ETFs to Altcoins: Regulatory Changes and Market Response
The Trump and Biden administrations disagree on several key issues, including cryptocurrency exchange-traded funds (ETFs). Under the Biden administration, the SEC initially took a more cautious approach to the cryptocurrency sector. This situation has extended to cryptocurrency ETFs.
However, the regulatory position changed following a decision by the United States Court of Appeals for the Washington, DC Circuit, Who ordered it The Securities and Exchange Commission has reconsidered Grayscale Investments’ request to convert its flagship GBTC fund into a spot Bitcoin ETF.
therefore, Securities and Exchange Commission approved on Bitcoin spot funds in January 2024, and then approved Ethereum spot funds In July
It should be noted that later Gary Gensler leaves According to the Securities and Exchange Commission, asset managers are expected to submit several applications for altcoin ETFs. Companies such as Bitwise, 21 Capital, and Canary Capital, among others, have come forward to launch a range of cryptocurrency-based investment products.
In September, The Securities and Exchange Commission has approved public ledger listing standardseliminating the need for separate approvals. After this change, ETFs linked to assets such as SOL, HBAR, XRP, LTC, LINK, and DOGE entered the market.
In November, the XRP ETF of Canary Capital reached the volume Circulation reached $58.6 million on its first day, making the strongest debut among more than 900 ETFs launched in 2025. Bitwise’s Solana ETF also attracted significant attention, achieving first-day sales volume of $56 million, while other products recorded relatively less activity.
As a rule, ETFs have increased access to the market, and governance has reduced obstacles for issuers. However, the first performance data suggest that the introduction of more crypto funds has not yet translated into a proportional increase in the flows of the total market.
By 2024, Bitcoin spot funds will have attracted about $35.2 billion in net inflows. In 2025, inflows into Bitcoin ETFs will slow down to $22.16 billion according to For the data SoSoValue. This difference suggests that the growth in ETF supply may have coincided with a reallocation of capital into products rather than an expansion of overall cryptocurrency exposure.
Sponsored
Sponsored
Inside the Trump family’s crypto empire
Although the influence of Donald Trump on the market is clear, he has also become directly involved in the cryptocurrency space. In January, the president introduced a meme coin, soon followed by a token very similar to the one launched by Melania Trump.
In March, US President Donald Trump’s sons, Eric Trump and Donald Trump Jr., teamed up with Hut 8 to launch The American Bitcoin Corp.
These projects generate great wealth for the American president and his family. According to a Reuters analysis, they generated more than $800 million in digital asset sales in the first half of 2025 alone.
These moves helped legitimize the sector and accelerate adoption. However, Trump’s direct and indirect involvement in cryptocurrency projects raises concerns regarding the appearance, governance and integrity of the market. While memes are not new in the world of cryptocurrencies, their association with a US president is unprecedented.
These activities were exposed Even under strong criticism from regulators And similar users. The Trump Meme, WLFI, and the US Bitcoin Corporation suffered a sharp decline, resulting in… Huge losses for supporters.
Conclusions
Taken together, the data suggest that the answer to which cryptocurrency has helped the most depends on how you define “help.” Under Trump, cryptocurrencies have benefited from a friendlier regulatory tone, less pressure on enforcement, and faster approval of new investment products.
These changes lowered barriers for exporters and expanded market access.
However, market performance tells a different story. Bitcoin’s strongest gains happened earlier, during the presidency of Joe Biden.
Meanwhile, Trump’s first year in office has been marked by increasing volatility.
