The popular cryptocurrency Bitcoin and several smaller cryptos faced pressure on Tuesday, reversing their strong performance from Monday. This comes as the initial optimism surrounding cryptocurrencies, sparked by the inauguration of President Donald Trump, began to wane in the investment community.

Trump’s new memecoin, launched last week and symbolizing the new U.S. President, plunged by as much as 22% within 24 hours, according to data from CoinGecko. Meanwhile, the memecoin representing the First Lady, Melania Trump, collapsed by 58% in a single day.

The performance of Trump’s memecoin over the past 24 hours

Bitcoin declined by around 5% in the morning to $102,589, later stabilizing at approximately $104,000 by midday.

Investors welcomed Trump’s arrival at the White House as a positive moment for the cryptocurrency market. After all, President Trump has pledged to introduce policies that support cryptocurrencies, including a regulatory framework and a federal bitcoin reserve.