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  • Crypto prices fall despite Trump’s Bitcoin reserve plan

    Crypto prices fall despite Trump’s Bitcoin reserve plan

    Bitcoin dips to $86k

    • Bitcoin was trading at around $88,000, dropping 1.50% in the last 24 hours
    • Ethereum, XRP, Solana, and Cardano have also seen prices dip following news of the Digital Asset Stockpile
    • TD Cowan analysts consider it a “compromise” and that the reserve is a positive move from the White House

    Crypto prices remained unchanged on Friday after US President Donald Trump signed an executive order establishing a Strategic Bitcoin Reserve.

    Data from CoinMarketCap shows Bitcoin is trading around the $88,000 mark, dropping over 1.50% in the last 24 hours.

    Bitcoin price chart. Source: CoinMarketCap

    Ethereum, XRP, Solana, and Cardano have also remained relatively flat following the news. Solana saw the biggest drop, 5% over 24 hours, and is currently trading at $142. Earlier this month, Trump revealed that these would be the coins included in the crypto reserve.

    Notably, these coins weren’t mentioned in Trump’s executive order detailing a Strategic Bitcoin Reserve and a Digital Asset Stockpile, which he signed on March 6.

    A “compromise”

    In a post on X, White House artificial intelligence (AI) and crypto czar David Sacks said:

    “The Reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings. This means it will not cost taxpayers a dime.”

    Sacks also indicated that the executive order authorized the Secretaries of Treasury and Commerce “to develop budget-neutral strategies for acquiring additional Bitcoin, provided that those strategies have no incremental costs on American taxpayers.”

    In response, Michael Saylor, chair and CEO of Strategy, said: “I have a few budget-neutral strategies for acquiring additional Bitcoin.”

    With the news of the Strategic Bitcoin Reserve not pushing prices higher, TD Cowen analysts said they considered this a positive move from the White House, adding:

    “We view this as a compromise. The government is not spending taxpayer dollars to acquire new digital assets. It is simply not selling the ones that it seizes.”

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  • Trump’s crypto czar says lack of Bitcoin “long-term strategy” has cost taxpayers billions

    Trump’s crypto czar says lack of Bitcoin “long-term strategy” has cost taxpayers billions

    • Over the past 10 years, the federal government has sold around 195,000 Bitcoin for $366 million
    • Today, that figure would be worth over $17 billion
    • Sacks said the lack of a “long-term strategy” has cost American taxpayers

    White House artificial intelligence (AI) and crypto czar David Sacks has criticized the US federal government’s lack of “long-term strategy” with the sale of confiscated Bitcoin.

    In a post on X, Sacks wrote:

    “Over the past decade, the federal government sold approximately 195,000 Bitcoin for proceeds of $366 million. If the government had held the Bitcoin, it would be worth over $17 billion today. That’s how much it has cost American taxpayers not to have a long-term strategy.”

    Michael Saylor, Strategy’s chairman, responded: “You do not sell your Bitcoin.” Since 2020, Strategy (formerly MicroStrategy) has been actively purchasing Bitcoin. It currently holds 499,096 Bitcoin, valued at $44.72 billion.

    Crypto Summit

    The comment from Sacks comes as the White House gets ready to host its first Crypto Summit.

    So far, 20 crypto leaders have been invited to the event, which will take place on March 7. According to Sacks, they decided to keep the numbers down to have a “meaningful conversation” regarding crypto policies.

    An earlier report suggests that US President Donald Trump will unveil his plans for a Bitcoin reserve strategy during the roundtable. In an interview, US Commerce Secretary Howard Lutnick said:

    “A Bitcoin strategic reserve is something the President’s interested in. He spoke about it all during the campaign trail, and I think you’re going to see it executed on Friday.”

    Some of those attending include Vlad Tenev, co-founder and CEO of Robinhood; Arjun Sethi, CEO of Kraken; Brian Armstrong, CEO of Coinbase; Cameron and Tyler Winklevoss, founders of Gemini; and Michael Saylor, executive chair of Strategy.

    Members of the Presidential Working Group on Digital Assets will also be in attendance.

    “Crypto czar”

    In December, Trump announced that Sacks would be the lead policy advisor on artificial intelligence and crypto, dubbing him the “White House AI and Crypto Czar.”

    Trump wrote that Sacks will take up the role which are “two areas critical to the future of American competitiveness,” adding, among other things, that “he will work on a legal framework so the crypto industry has the clarity it has been asking for, and can thrive in the US.”

    As part of his role, Trump added that Sacks will focus on making America a “global leader” in these areas, something Trump promised during his election campaign in August.

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  • Bitcoin hits $109,000 ahead of President-elect Donald Trump’s inauguration

    Bitcoin hits $109,000 ahead of President-elect Donald Trump’s inauguration

    • Bitcoin’s new high surpasses its previous all-time high of $108,000 reached in December
    • President-elect Donald Trump was once critical of Bitcoin, claiming it seemed “like a scam”
    • On the eve of his inauguration, Trump and Melania Trump launched their memecoins

    Bitcoin soared to new heights, hitting over $109,000 ahead of President-elect Donald Trump’s inauguration.

    The number one crypto asset reached its all-time high on January 20 as market sentiment remains optimistic about Trump’s plans for the crypto industry. The new high surpasses its previous record of more than $108,000 achieved in December.

    Data from TradingView shows Bitcoin topped $109,036 around 6:55 am before dropping to $107,000 a few minutes later.

    BTC/USD Chart by TradingView

    Trump mentioned Bitcoin in a Sunday speech, highlighting its record performance since the US election.

    “Since the election, the stock market has surged and small business optimism has soared a record 41 points to a 39-year high,” Trump said. “Bitcoin has shattered one record high after another.”

    Support for crypto

    Once critical of Bitcoin who said that it “seems like a scam” a few years ago, Trump has since embraced crypto, showing his support for it during his presidential election.

    During his campaign trail, he vowed to make the US the “crypto capital” of the world and has appointed several crypto-friendly candidates into his incoming administration. Some familiar names include Paul Atkins as the next US Securities and Exchange Commission (SEC) chair and crypto czar David Sacks.

    Trump is also expected to sign an executive order prioritizing crypto when he enters the White House today.

    On the eve of Trump’s inauguration, he launched his $TRUMP memecoin, which, at one point, was valued at $75 per coin, according to data from CoinMarketCap. At the time of publishing, it’s trading at $51 with a market cap of more than $10 billion.

    Incoming First Lady Melania Trump also launched her memecoin, $MELANIA, which was trading at a high of $13. It has since dropped to $10 with a market cap of over $2 billion.

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  • Bitcoin breaks $82,000 boosted by Trump’s re-election win

    Bitcoin breaks $82,000 boosted by Trump’s re-election win

    • Bitcoin’s upward trajectory follows Donald Trump’s presidential win last week
    • Over the past 30 days, Bitcoin has increased in value by more than 30%
    • Institutional interest is rising with Bitcoin ETFs, noted by BlackRock’s IBIT ETF reaching $1.12 billion in daily inflows

    Bitcoin has hit another record, reaching over $82,000 on Monday, boosted by Donald Trump’s re-election to the White House last week.

    According to data from CoinMarketCap, Bitcoin’s value has risen more than 19% in the past seven days and 30% over the past 30 days. Taking to X, Anthony Pompliano, host of the Pomp podcast, said:

    “The first pro-Bitcoin President was elected in US history and Bitcoin hit $80,000 within a week. The market is preparing itself.”

    While Trump’s win has helped push crypto prices up, many don’t think it’s the sole reason. In response, Sleep Money Maker said: “Think bigger than one week or one event. We’re watching decades of regulatory friction starting to dissolve. When barriers fall, capital flows – that’s just market physics in action.”

    Speaking to CoinJournal last week, James Toledano, COO at Unity, a self-custody crypto wallet, said it was “disingenuous” to say the US election directly caused the price increase.

    In the long-term, it won’t be the election that moves the crypto market, but “broader macroeconomic events, technological advancements, shifting market sentiment, and factors outside of the next President’s control,” Toldeano explained.

    Institutional appetite for Bitcoin is rising

    Institutional interest in Bitcoin has also reached new levels, noted by BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) bringing in a record $1.12 billion in daily inflows. This followed BlackRock setting a new record in October when its total assets reached $30 billion in 293 days.

    Speaking of the recent price rally, Toledano, said:

    “There is clearly heightened confidence in Bitcoin as a key investment vehicle and institutional investors are not only recognizing Bitcoin’s resilience as an asset class but are increasingly allocating capital in response to favorable macroeconomic conditions, including recent rate cuts and political shifts.”

    Other coins that are rallying include Ethereum, trading over $3,100, Solana, at $216, and Dogecoin, up nearly 158% in the past month at $0.2877.

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  • Unity COO: It’s “disingenuous” to say Trump’s win directly caused Bitcoin price rise

    Unity COO: It’s “disingenuous” to say Trump’s win directly caused Bitcoin price rise

    An image of a Bitcoin in front a background with arrows pointing up
    • Bitcoin reached a high of $75,317 in the early hours of this morning
    • In September, Bernstein analysts predicted Bitcoin to reach between $80,000 and $90,000 by the end of 2024 if Trump won
    • Unity’s COO said to CoinJournal said it was “disingenuous” to say Trump winning the US election was the sole reason Bitcoin’s price went up

    Bitcoin rose to a record high of over $75,000 early this morning as voting results signalled a Donald Trump win for the White House.

    Data from CoinMarketCap shows Bitcoin achieved a high of $75,317 around 6:25 this morning. Before the election results started coming in last night, Bitcoin was trading at around $69,000.

    However, as the evening progressed and into the early morning, Bitcoin continued an upward trajectory before reaching its new all-time high.

    Bitcoin’s last all-time high took place in March when it reached $73,000.

    Bitcoin’s all-time high of over $75,000. Source: Coinmarketcap

     

    Data from AP News shows Trump has taken 277 of the electoral results compared to Vice President and presidential candidate Kamala Harris’ 224.

    Will the price rise continue?

    While the new high comes amid the US election results, many will be wondering whether this upward movement will continue. In September, Bernstein analysts predicted that Bitcoin could reach between $80,000 and $90,000 by the end of 2024 if Trump won the presidential election.

    According to James Toldeano, COO of self-custody wallet Unity, people need to realize that data based on the 2012, 2016, and 2020 US elections doesn’t reveal consistent patterns for the crypto market concerning election results.

    “Some have looked at the 2020 election and seen the price rise from $13,760 prior to the election on November 1, to $19,698 following the election on December 1, and immediately asserted it was the election that drove the increase,” said Toldeano to Coinjournal.

    In reality, Toldeano added, several factors contributed to the price rise, including US stimulus payments, increasing interest from companies like MicroStrategy buying Bitcoin, and people seeing Bitcoin as a safe investment during the Covid pandemic.

    “While the election happened during this time, it’s disingenuous to say it directly caused the price increase,” he said.

    In the long-term, it won’t be the election that moves the crypto market, but “broader macroeconomic events, technological advancements, shifting market sentiment, and factors outside of the next President’s control,” Toldeano explained.

    Pro-crypto

    Former US President Donald Trump has come across as more crypto-friendly compared to Harris.

    Back in May, Trump promised that, if he was re-elected, he’d free Ross Ulbricht, the Silk Road creator. Ulbricht has already served 11 years in prison. In August, Trump also promised to make America the “crypto capital of the planet.”

    In September, Trump became the first US president to use the Bitcoin network. He achieved this after sending a Bitcoin transaction at PubKey, a crypto-themed bar in New York ahead of his campaign rally in Long Island.

    On the flip side, Harris has been muted about her stance on crypto despite saying her administration would support a crypto regulatory framework if she became the next US president.

    “Incoming President Trump has the power to save crypto in the US where urgent change is needed,” said Jesper Johansen, CEO and founder of Northstake, an Ethereum staking marketplace, to Coinjournal.

    “First amongst the new administration’s priorities should be to define staking as an opportunity for US investors,” Johansen continued. “The question still lingers: is staking a commodity or a security?”

    Johansen said that $6 billion is sitting in Ethereum exchange-traded funds (ETFs), which aren’t being staked, meaning investors are missing out on economic opportunities. According to Johansen, this could be one of the reasons why the uptake of Ethereum ETFs hasn’t been as popular as Bitcoin ETFs.

    “Once these core issues have been solved, changes are needed within the SEC to ensure that crypto is viewed as a vehicle of innovation, rather than something to be feared,” he added.

    Ahead of the election, Trump said he’d remove Gary Gensler, chair of the US Securities and Exchange Commission (SEC); however, it remains to be seen whether this will happen because the SEC is an independent federal agency.

    At the time of publishing, Bitcoin is trading at around $74,000.

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