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Bitcoin Reports suggest the president-elect rejoined cryptocurrency rallies on Friday Donald Trump An executive order may be issued on the first day of his new term to make cryptocurrencies a national priority.
The flagship cryptocurrency’s price recently rose nearly 2% to $102,639.13, according to Coin Metrics. The broader crypto market to Coin table 20 The index rose 1% after rising 4% on Thursday.
Shares of exchange operators Coin library and Robin Hood Shares were up about 3% in premarket trading. Trading activity in small-cap cryptocurrencies favors trading platforms. Demand for small-cap, high-risk tokens had grown before Trump took office. Litecoin and Ripple The increase has reached double digits in the past two days.
These moves follow Bloomberg’s Report Late Thursday, Trump was likely to establish his previously promised cryptocurrency advisory committee to give the industry a voice in his administration. According to the New York Times, Bitcoin stocks are part of discussions about an executive order that could cover multiple areas of cryptocurrency policy report same day.
Bitcoin trading price tops $100,000 before Trump takes office
Coins and crypto projects other than Bitcoin would arguably benefit more from clear and supportive policy and regulation, as they become more targets of Biden administration lawsuits and alleged banking industry discrimination. However, some investors say that if national stocks or reserves are implemented, Bitcoin could rocket higher.
Bitcoin has been trading closely with stocks so far this year. The market has been in consolidation mode since Federal Reserve Chairman Jerome Powell sounded the inflation alarm in late December, but the alarm has subsided this week following the release of two December inflation reports. Bitcoin ETFs have seen inflows of more than $1 billion in the past two days.
Investors expect any announcements from the incoming administration next week to push Bitcoin higher — possibly to a new record. Expectations have grown after Wall Street warned this month that while a pro-crypto Congress and White House would certainly support innovation in the industry and asset class in 2025, it could take some time for markets to feel the impact.
“The new administration and new SEC chairman have opened the door to new opportunities for cryptocurrency innovation,” said JPMorgan analyst Kenneth Worthington. said in a note this week. However, he added, “Given that the market caps of other tokens are much smaller and investor interest is much lower, we do not believe that the launch of the next wave of cryptocurrencies (exchange-traded products) makes sense for the crypto ecosystem. “
Since December 17, Bitcoin’s highest record is $108,327.01.
