Historic Week for the Crypto Industry as Trump Takes Office: Your Crypto Recap

It was a historic week in the cryptocurrency market! Although the prices are not reflecting on the seven-day scale, a lot has been done at the macro level, paving the way for the long-term desired growth. That said, the total crypto market cap currently sits at around $3.8 trillion, but let's take it one step at a time.

The first thing that happened at the beginning of the week was that Donald Trump was sworn in as the 47th President of the United States of America. This did not set off a chain of events that could have long-term effects on the industry.

Right from the start, Trump signed an executive order that, among other things, established a working group on digital asset markets with the aim of exploring the benefits of creating strategic national cryptocurrency reserves. Now, some explanations are offered. Many expected Trump to focus on bitcoin and order the government to consider buying it for the national reserve. In fact, the order only said that the country should not sell the crypto it seized.

However, the order in question is aimed at preventing the central bank's creation and further use of digital currencies to prevent potential volatility in the dollar's high level. The document also outlined the need for individuals and crypto companies to have easy access to the country's banking system, effectively ending the operation of ChocPon 2.0.

That said, Trump appointed an interim chairman for the Securities and Exchange Commission – Mark Uyeda. They have established a task force led by Commissioner Hester Pearce (aka Crypto Mama) to work towards creating a fair and transparent framework for digital assets.

Overall, it was a great week in terms of crypto fundamentals, not so much for the price, as most coins except BTC, which rose by about 2%.

Market data

Market Value: $3.801T | 24H Volume: $213B | BTC dominance: 55.3%

BTC: $106,100 (+2%) | ETH: $3,397 (-0.7%) | XRP: $3.16 (-1.3%)

This week's Crypto headlines you can't miss

Trump signs executive order to consider national digital asset inventory: report. The biggest news in the cryptocurrency space this week came on Thursday night when the new US president signed an executive order to review the creation of a ‘national digital asset inventory'. This, along with the appointment of Senator Cynthia Lammis to chair the Senate Banking Subcommittee on Digital Assets, prompted Changpeng Zhao to say that BTC reserves are ‘pretty sure'.

Donald Trump Pardons Silk Road Inventor Ross Ulbricht When President Trump officially pardoned controversial Silk Road founder Ross Ulbricht, he appears to be keeping his promise, at least for now. In the year In May 2015, the developer spent nearly a decade behind bars after being convicted on seven charges and sentenced to two life terms and 40 years in prison without parole.

SEC Repeals SAB 121, Clearing the Way for Banks to Hold Crypto More good news for crypto from the new US administration comes with a big change at the Securities and Exchange Commission. A new policy, SAB 122, overturns the controversial SAB 121, which bars banks from holding crypto assets.

Trump named Uyeda and Pham as interim SEC and CFTC heads. Changes at the two top US financial watchdogs – the CFTC and the SEC – began with the appointment of Mark Yuda, the latter's interim chairman, and Caroline Pham, to lead the former until permanent leaders are elected.

Trump lowers meme coin gains in first statement since launch The crypto space was rocked last week when the US President and First Lady unveiled two official commemorative coins. A series of token releases over the weekend sent shock waves through the market, but Trump downplayed the gains when he finally announced the assets.

Here are the CryptoQuant IBCI signals for further activity. Bitcoin went from a short slide below $100,000 this week to a new slide above $109,000 on graduation day. Since then, the property has stabilized and stood a bit larger than that peak. However, there are some warning signs that this bull run may end soon, or at least stop for a while.

Charts

This week we have chart analysis of Ethereum, Ripple, Cardano, Binance Coin and Solana – click here for full price analysis.