Trump's second term sees volatile crypto market, with strong donations from crypto firms, SEC regulatory changes, and XRP struggles - IcoHolder.

President Trump’s second term has brought a mix of challenges and opportunities to the cryptocurrency sector, marked by both soaring highs and concerning lows. Bitcoin initially surged to an all-time high of $109,000 in the early days of Trump’s presidency, but fears surrounding his tariff policies and global market instability caused the digital currency to plummet to levels close to $70,000.

Despite the volatile market, the Trump administration has maintained strong ties with the crypto industry, leading to significant financial support from key players. Recent Federal Election Commission (FEC) filings reveal that cryptocurrency firms and executives have contributed millions to Trump’s inauguration fund, with a total of about $18 million flowing in from the sector. Ripple Labs emerged as the largest donor, contributing $5 million, while other notable donations included Solana Labs’ $1 million and Uniswap CEO Hayden Adams’ $245,000.

In total, Trump’s political campaign raised approximately $239 million during the period between his victory and the release of the latest donation report on April 20, 2025. Among the top contributors were major crypto firms such as Coinbase, Kraken, Ondo Finance, and Robinhood, as well as tech giants like Meta, PayPal, and Nvidia.

Trump’s administration has taken a pro-crypto stance, with a marked shift in regulatory approach. The U.S. Securities and Exchange Commission (SEC) has dropped several high-profile lawsuits, providing relief to industry leaders such as Coinbase and OpenSea. In addition, Trump’s executive order on digital assets aims to establish a U.S. strategic cryptocurrency reserve, which is expected to include popular cryptocurrencies like Bitcoin, Ether, XRP, Solana, and Cardano.

Despite the favorable regulatory environment and support from key industry figures, XRP has struggled to capitalize on these developments. Despite early optimism following meetings between Ripple CEO Brad Garlinghouse, CLO Stuart Alderoty, and Trump, XRP has failed to rally. Currently trading at $2.10, the cryptocurrency has seen a 0.9% drop in the past day and more than a 3% decline over the past week.