Abstract:
On November 6, as the Republican Party lost control of both houses of Congress in the U.S. midterm elections, the Trump-related meme currency $TRUMP fell by more than 22% this week, once falling to a record low of $1.116, and then rebounded slightly on Friday. The token was launched in early 2025 around the time Trump took office as the 47th President of the United States. It hit a historical high of $73.43 in the early days of its listing, and has now lost approximately 99% of its value compared to the peak.
This decline comes at a time of major changes in the U.S. political landscape. The Democrats won control of both houses of Congress in the midterm elections, sparking concerns about tighter cryptocurrency regulation. Some Democratic lawmakers have previously advocated strengthening anti-money laundering and risk management requirements for the cryptocurrency industry and blocked the passage of the CLARITY Act, a key regulatory bill. With Democrats taking control of Congress, the prospects for cryptocurrency legislation backed by the Trump administration face greater uncertainty.
Other cryptocurrencies are also affected. Bitcoin is expected to drop about 2% this week, reflecting market concerns about the future of U.S. cryptocurrency regulatory policies.
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