Transcript:
Conway Gittens: I’m Conway Gittens from the New York Stock Exchange. Here’s what we saw today on TheStreet.
Stocks moved higher on Tuesday as the second Trump era begins on Wall Street. Investors were relieved that Trump did not impose sweeping tariffs on the first day of the new administration. Meanwhile, earnings season continues. Manufacturing giant 3M beat profit expectations and gave an optimistic outlook for 2025.
Related: Cryptocurrency scams increasingly pose serious threat to older Americans
Now back to President Trump, Bitcoin’s price has plummeted as Trump’s cryptocurrency bravado on the campaign trail failed to translate into any day-one action. He rarely mentioned the cryptocurrency industry in his Inauguration Day speech. Although he issued a series of executive orders on Monday after taking office, none were related to the cryptocurrency industry.
Cryptocurrency prices surged in the days after Trump’s victory in November on bets that Trump would be friendlier to the industry than President Joe Biden. The crypto industry is investing billions of dollars in the November election not only to elect Trump but also to elect lawmakers who would take a looser regulatory approach to the industry.
Despite early disappointments, attention remains focused on what the next four years will look like for digital assets under Trump. Bank of America CEO Brian Moynihan told CNBC that if you put the right rules in place “and make it something that you can actually do business with, you’ll find that the banking system will perform better in terms of transactions.” effect.
Banks and investment firms already allow investors to buy cryptocurrencies through investments such as ETFs, but are reluctant to accept them as payment like traditional currencies. However, as Moynihan noted, that could change with the flip of the proverbial switch.
This is enough for your daily briefing. I’m Conway Gittens from TheStreet at the New York Stock Exchange.
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