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Bitcoin He rejoined the cryptocurrency rally on Friday amid reports that President-elect Donald Trump He could issue an executive order making cryptocurrencies a national priority as soon as the first day of his new term.
The price of the major cryptocurrency recently rose more than 2% to $103,174.90, according to Coin Metrics. The broader cryptocurrency market, as measured by CoinDesk 20 The index rose 1% after rising 4% on Thursday.
Shares of stock exchange operators Coinbase and Robinhood ahead by about 5% for each. Trading activity in small cryptocurrencies benefits trading platforms. The desire to buy smaller value, riskier currencies has increased ahead of Trump's inauguration Litecoin It has risen by 26% over the past two days.
The moves follow Bloomberg a report Late Thursday, Trump was able to create the Cryptocurrency Advisory Council he had previously promised, giving the industry a voice within his administration. Bitcoin stocks are part of discussions about a potential executive order covering several areas of cryptocurrency policy, the New York Times reports I mentioned Same day.
Bitcoin trades at over $100,000 ahead of Trump's inauguration
Arguably, coins and cryptocurrency projects outside of Bitcoin would benefit more from clear and supportive policies and regulation because they have been more the target of SEC lawsuits and alleged banking discrimination under the Biden administration. Some investors say bitcoin could skyrocket, if a national stock or reserve is created.
Bitcoin has traded closely with stocks so far this year. It has been in consolidation mode since late December, when Federal Reserve Chairman Jerome Powell sounded an inflation alert that eased this week after two cool 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 send Bitcoin higher — and possibly to a new record high. The heightened expectations come after warnings from Wall Street this month that although a pro-crypto Congress and White House in 2025 would certainly support innovation in the industry and asset class, it could be some time before the market feels the impact.
“The new administration and the new head of the SEC open the door to a new opportunity in cryptocurrency innovation,” says Kenneth Worthington, an analyst at JP Morgan. he said in a note this week. However, he added: “We do not see the next wave of crypto launches (exchange-traded products) as making sense for the cryptocurrency ecosystem due to a much smaller market cap than other tokens and much less interest from investors.”
Bitcoin's record is $108,327.01, as of December 17. It will rise by 9% in 2025.
