It is very headshaking that the reaction of the market is not so very positive.
That's because bitcoin price is not majorly affected by some local regulations in a small part of the world. There are a lot of other more important factors affecting it. Factors like the global economy and specifically recession.
Trump's policies have created a lot of uncertainty and has hurt the global economic stability. And to put simply when things go south, people tend to sell "risky assets" and turtle down. This is why something like gold has been soaring again.
Alot of factors in play also tend to affect bitcoin price, like demand and supply, the halfing that happens every 4 years where the rate of mining bitcoin gets halfed affects the supply of bitcoin and this also tends to ultimately affect the price of bitcoin itself, how world governments and international organization react to bitcoin also affect the price like how Trump's announcement affected the price, the same thing also happened when Tesla said they were going to accept payment in bitcoin, a price surge happened because of this not to forget that the availability of ETFs also affects the price.