Under Biden, bitcoin and crypto companies complained of an unofficial policy to “debank” them, cutting off basic financial services and making it impossible to operate—which became known as “Operation Choke Point 2.0,” a reference to a previous U.S. government policy to cut off industries believed to be at high risk of fraud and money laundering.

This was primarily caused due to US President Donald Trump imposing a volley of strict tariffs on several nations at once. The market reacted, and other popular altcoins — including the likes of Ethereum (ETH),

President Trump is inflating a crypto bubble that could cause havoc when it busts, according to hedge fund Elliott in an investor letter, The Financial Times reported. Trump’s extraordinary embrace of cryptocurrencies could fuel a speculative mania that would cause havoc when crypto prices collapse,