The price of Bitcoin rose to its highest level in nearly a month, breaking through $104,000 and pushing towards $105,000 on the eve of President-elect Donald Trump's inauguration.
Republicans are poised to take control of the White House on Monday, and in a report from Decrypt It could issue a series of crypto-related executive orders, from regulatory guidelines at the SEC to establishing a so-called national bitcoin reserve.
Bitcoin rose as high as $104,696 on Friday and now stands at $104,585, up nearly 5% from the previous day. The leading cryptocurrency is now 3% away from its December high of $108,135.
As inflation fears eased, the cryptocurrency rallied nearly 12% last week, briefly trading below $90,000. Monday as macro jitters intensify.
While the market seems excited about the prospect of a crypto-friendly president, BRN analyst Valentin Fournier wrote in a note on Friday that Trump will take time to deliver on any proposed initiatives.
“Investors' prospects may be too bright,” he wrote. “A delay in implementing the proposed measures could trigger a ‘news selling' reaction, which could disrupt Bitcoin's current positive movement.”
After four straight trading days of net inflows, spot Bitcoin ETFs turned positive Wednesday with a much-anticipated snapshot of inflation. On Wednesday and Thursday, the Spot Bitcoin ETF brought in $755 million and $626 million, respectively. CoinGlass.
As part of a decentralized network, Bitcoin is traded around the clock. The stock market will be closed in recognition of Martin Luther King Jr. Day, but Friday will make Friday the last day for traders to position themselves around Trump's first day. Post At X (formerly known as Twitter) from Steven Lubka, private clients and family offices at Swan Bitcoin.
“If you're looking [Trump] And saying, ‘Something related to Bitcoin has a good chance of being announced,' then this is your last chance to engage in that business,” Lubka said. Decrypt. “Once the markets open on Tuesday, it will already be priced in.”
Although the market's focus may be on Trump on Monday, Bitwise Senior Investment Strategist Juan Leone said: Decrypt Many states may be quick to adopt plans Establishing their own Bitcoin reserves If Trump keeps his promises.
“This conversation is evolving faster than people expected,” he said. “And the idea that any government or government can establish a reserve this year is very true.”
Edited by Andrew Hayward.
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