Bitcoin gains as Trump plans to issue crypto executive order

Bitcoin Crypto rally on Friday amid reports that President-elect Donald Trump may issue an executive order that will make crypto a national priority as early as Day 1 of his new term.

According to CoinMetrics, the price of the major cryptocurrency was higher by more than 2% at $103,174.90. The broader crypto market, as measured by the CoinDesk 20 index, added another 1% after rising 4% on Thursday.

Shares of exchange operators Coinbase And Robinhood Each grew by about 5%. Trading activity favors trading platforms in small-cap cryptocurrencies. Appetite for small-cap, high-risk coins grew ahead of Trump’s inauguration, with litecoin It has seen a 26 percent increase in the last two days.

The activities are followed by Bloomberg Report Last Thursday, Trump could create a crypto advisory council that he had previously promised, which would give the industry a voice in his administration. Bitcoin reserves are part of discussions about an executive order that could cover several areas of crypto policy, The New York Times reports. reported on the same day.

Coins and crypto projects outside of Bitcoin have been more targeted by SEC lawsuits and alleged banking discrimination under the Biden administration, so they stand to gain more from transparent and supportive policy and regulation. Some investors say Bitcoin could see a rocket ship rally, but only if a national reserve or reserve is established.

Bitcoin has been trading closely with stocks this year. Since late December, Federal Reserve Chairman Jerome Powell has been in tightening mode, easing this week after two tepid December inflation reports. Bitcoin ETFs have seen over $1 billion in inflows over the past two days.

Investors will be waiting for any announcements from the incoming administration next week, bitcoin could be sent higher – to a new record. Although high hopes come after Wall Street’s warnings this month that having a pro-crypto Congress and White House in 2025 will support the industry and asset class innovation, it may take some time before the market feels the impact.

“The new administration and new SEC chairman will open the door to new opportunities in cryptocurrency innovation,” JPMorgan analyst Kenneth Worthington said in a note this week. However, he added, “We don’t see the next cryptocurrency (currency trading product) launches making sense for the crypto ecosystem given the very small market capitalization of other tokens and very low investor interest.”

As of December 17, Bitcoin’s record high is $108,327.01. It will increase by 9 percent by 2025.