Trump’s first month in office: Tariffs soar, bitcoin stagnates

White House to host first cryptocurrency summit: A spark for another Bitcoin rally?

Donald Trump, who officially took office as the president of the United States on Jan. 20, has completed his first month in the White House.

During this period, Trump has stood out with his policies on additional tariffs, immigration, Gaza, and the Russia-Ukraine peace initiative. He also pledged to recognize bitcoin as a reserve asset, though no concrete steps have been taken on this matter yet.

On the day Trump assumed office, bitcoin peaked at $109,000; as of Feb. 20, 2025, it continues to trade at around $97,000.

Trump’s first month in office: Tariffs soar, bitcoin stagnates

Economic measures: Additional tariffs in focus

As a pro-crypto president, Trump has completed his first month in office, with economic policies, particularly additional tariffs, taking center stage. In this regard, he has taken swift action, including:

Imposing a 25% tariff on Canada and Mexico and a 10% tariff on China. The tariffs for neighboring countries have been conditionally deferred until March.
Enforcing a 25% tariff on all imported steel and aluminum products.
Signing an executive order on reciprocity-based tariffs for all countries, a plan expected to be finalized by April.
Announcing preparations for a 25% tariff on pharmaceuticals, automotive products, and semiconductor chips.

Foreign policy moves

In addition to economic policies, President Trump has also taken significant steps in foreign affairs, including:

Proposing a controversial approach for Gaza to come under U.S. control and for Palestinians to leave the region.
Initiating talks with both sides in an effort to end the Russia-Ukraine war.
Mobilizing security forces to deport illegal immigrants from the U.S.

Disappointment in crypto market

During his election campaign, President Trump had promised to recognize bitcoin as a reserve asset. Following the Nov. 5 election, bitcoin surged from $69,000 to $109,000, driven by expectations surrounding this pledge.

However, Trump's lack of concrete action on this matter disappointed the crypto community. The president signed an executive order to establish a working group on cryptocurrencies in response.

Bitcoin falls 11% from its peak

In the past month, bitcoin has experienced fluctuations, dropping to a low of $91,500 after reaching its all-time high.

As of Feb. 20, bitcoin is trading near $97,000, approximately 11% below its peak. Despite the recent decline, bitcoin remains 40% higher compared to its price before the U.S. elections.