President Donald Trump launched a crypto coin a few days before taking office—but after an initial rally, its price dropped on Tuesday. Shares of Trump’s media company saw similar market moves on his first full day back in office.

Bitcoin jumped above $109,000 as traders eagerly awaited the inauguration of incoming President Donald Trump and cheered his weekend meme coin launch.

Bitcoin spiked to a new all-time high early Monday but pulled back following the inauguration of President Donald Trump.

There’s Donald Trump the crypto champion, promising to unshackle an industry hit by a years-long regulatory crackdown. Then there’s Trump the memecoin, which created billions of dollars of instant paper wealth but earned sharp rebukes even from the industry that stands to gain perhaps the most from his presidency.

In the days leading up to President Trump's inauguration, he and his family launched a new memecoin, much to the concern of some in the crypto industry.