Why The Cryptocurrency Market Crashed Despite Trump's Executive Orders
On Thursday, US President Donald Trump signed an executive order to establish U.S. dominance in digital assets and financial technology.
Why the Cryptocurrency Market Crashed Despite Trump's Executive Orders

Despite US President Donald Trump's executive order aimed at establishing US dominance in digital assets and financial technology, the cryptocurrency market witnessed a significant crash.
In fact, the present week was the culmination of a lot of promises coming in the crypto industry. President Trump ended some of the crypto regulation by enforcement actions taken over the last few years, and the Securities and Exchange Commission (SEC) pulled back SAB 122, which kept banks from holding crypto for customers. But these moves didn't help the market, and many altcoins fell double digits on the week.
This decline in the market was caused by a number of factors. One significant reason was the launch of the Trump meme token last weekend. In fact, the highlight of this release was that it was not launched on the traditionally popular Ethereum layer-2 like Polkadot, but it was launched on Solana. This move drew attention away from other cryptocurrencies, causing their prices to drop.
Cardano (CRYPTO: ADA) was one of the biggest losers, falling 13.6% over the past week, Polkadot (CRYPTO: DOT) fell 14.4%, and Uniswap (CRYPTO: UNI) fell 15.4%, according to data provided by S&P Global Market Intelligence.
In short, Solana has sucked the air out of the room for competitors from Polkadot to Cardano, and it's not surprising to see them fall this week.
However, it is evident that the cryptocurrency industry is gaining traction, and there will be a lot of innovation on the blockchain, especially since advisor David Sacks stated today that meme coins and non-fungible tokens (NFTs) are collectibles.