Trump's embrace of meme coin sours mood in crypto industry

The price of bitcoin and other digital assets has soared since Trump won. A lavish "Crypto Ball" Friday ahead of Trump's inauguration sold tickets for thousands of dollars and featured a performance by the rapper Snoop Dogg. But as that party was ongoing, Trump announced on social media he was offering his very own cryptocurrency in the form of a meme coin. The move dampened the mood for many in the crypto community.