Bitcoin President-elect Donald Trump rejoined a crypto rally on Friday amid reports that he may soon issue an executive order making crypto a national priority.
The price of the flagship cryptocurrency was last up more than 4% to $104,672.37, according to Coin Metrics. The broader cryptocurrency market, as measured by the CoinDesk 20 index, rose another 3% after rising 4% on Thursday.
Stocks of exchange operating companies coinbase and robin hood Each advanced by more than 4%. Trading activity in small-cap cryptocurrencies benefits trading platforms. Ahead of President Trump’s inauguration, demand for small-cap, high-risk coins is increasing. litecoin It’s up 30% in the last two days.
The move follows a Bloomberg report late Thursday that President Trump may create a previously promised virtual currency advisory board to give the industry a voice within his administration. The New York Times reported on the same day that the Bitcoin stockpile is part of discussions about a possible executive order targeting several areas of crypto policy.
Bitcoin trades above $100,000 ahead of President Trump’s inauguration
Wall Street announced this month that pro-crypto support in Congress and the White House in 2025 is certain to boost innovation in the industry and asset class, but it could take time for markets to feel the impact. New expectations are rising after receiving warnings that this is the case.
As non-Bitcoin coins and crypto projects are targeted by SEC lawsuits and bank discrimination allegations under the Biden administration, they stand to benefit even more from clear and supportive policies and regulations. no doubt. But some investors say Bitcoin could rocket upward once a national stockpile or reserve is established.
So far this year, Bitcoin has traded closely with stocks. The economy has been strong since late December, when Federal Reserve Chairman Jerome Powell sounded the alarm on inflation, and this week after two cool inflation reports in December. It calmed down. Bitcoin ETFs have seen over $1 billion in inflows in the past two days.
Investors are betting that announcements from the incoming administration next week could push Bitcoin prices higher to new records.
Wall Street announced this month that pro-crypto support in Congress and the White House in 2025 is certain to boost innovation in the industry and asset class, but it could take time for markets to feel the impact. New expectations are rising after receiving warnings that this is the case.
“The new administration and new SEC Chairman open the door to new opportunities in crypto innovation,” JPMorgan analyst Kenneth Worthington said in a note this week. However, he believes that the next wave of cryptocurrencies (exchange-traded products) makes sense for the crypto ecosystem, given that other tokens have much smaller market capitalizations and far less investor interest. I don’t think it will become a thing,” he added.
Bitcoin’s all-time high was $108,327.01 on December 17th, and it will rise more than 11% in 2025.
