The capital is embracing the crypto crowd with President Trump’s return to office, marking a reversal of the Biden administration’s legal pursuit of companies such as FTX.

Cryptocurrency prices took a hit from the prospect of a trade war between the U.S. and its major trading partners, with some well-known digital assets and President Donald Trump's own meme coin taking big hits.

It includes an image of him raising his fist in the air and the words "fight, fight, fight" — a reference to his reaction after an assassination attempt last July. The token is marketed as "a piece of history," with Trump described as "the crypto president."