Bitcoin extended a retreat from a record high as traders awaited pro-crypto policy directions from Donald Trump following his inauguration as the 47th US president.

Donald Trump took office as the 47th U.S. president on Monday, delivering an inaugural address that excluded any mention of digital assets. His first-day executive actions also omitted cryptocurrency policies despite earlier reports suggesting he might prioritize crypto with measures like establishing a crypto council or addressing crypto de-banking.

President Donald Trump promised crypto investors he’d usher in an era of legitimacy for an industry that’s long been relegated to the financial wilderness — dismissed by some mainstream investors as an highly speculative bet at best or an elaborate Ponzi scheme at worst.

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.