Bitcoin Hits $104,000 Ahead of Trump’s Inauguration: What’s Next for Crypto?

Bitcoin

As excitement builds for Donald Trump’s inauguration on Monday, Bitcoin (BTC) surged to an impressive $104,254 on Friday, marking a major milestone for the crypto market. This rally comes as traders and investors eagerly anticipate the incoming administration’s pro-crypto policies, which could reshape the financial landscape in the United States.

A Crypto-Focused Presidency

Reports suggest that President-elect Trump is planning to declare cryptocurrency a “national priority” through an executive order. The proposed directive, expected to be announced soon after the inauguration, may encourage U.S. government agencies to collaborate with the crypto industry and establish a national Bitcoin reserve. Additionally, Trump is reportedly considering forming a crypto advisory council to guide policymaking in the sector.

This move is seen as a sharp pivot from the regulatory challenges faced under the previous administration, during which firms like Coinbase and Ripple Labs grappled with lawsuits from agencies like the Securities and Exchange Commission (SEC). The crypto community hopes that Trump’s presidency will foster a more supportive environment for innovation and investment.

Market Sentiment Soars

Bitcoin’s rally has pushed the overall cryptocurrency market capitalization to $3.78 trillion, with a 4% increase in the last 24 hours. The anticipation of Trump’s crypto-friendly policies has lifted market sentiment, with key players expressing optimism. Kara Calvert, vice president of U.S. policy at Coinbase, said, “What I think Donald Trump is going to do is signal that the United States is back and ready to lead in this industry.”

Meanwhile, early Bitcoin investor Frank Chaparro added, “This shift in tone signals that banks will now feel more confident engaging with crypto, reversing years of restrictive guidance.”

Concerns Over a Pump-and-Dump Scheme

Despite the enthusiasm, some experts have raised concerns about potential market manipulation. Professors Jeffrey Funk and Gary Smith warn that the government’s potential move to create a Bitcoin stockpile could inadvertently fuel a pump-and-dump scenario. In such schemes, prices are artificially inflated before the assets are sold off, leaving late investors with losses. They argue that massive government purchases of Bitcoin could drive prices higher, creating a speculative bubble.

What’s Next for Bitcoin?

As of now, Bitcoin trades at $104,549, with open interest in BTC futures surpassing $69 billion. The coming days will be pivotal in determining the long-term impact of Trump’s policies on the crypto market. Whether this marks the beginning of a sustainable rally or a volatile pump-and-dump event remains to be seen.

For now, the crypto world watches closely, with hopes pinned on a new era of innovation and growth under Trump’s administration.

bitcoin
Bitcoin (BTC) $ 95,981.72
ethereum
Ethereum (ETH) $ 2,610.94
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.40
solana
Solana (SOL) $ 194.86
bnb
BNB (BNB) $ 634.09
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.252850
cardano
Cardano (ADA) $ 0.764857
staked-ether
Lido Staked Ether (STETH) $ 2,609.50
tron
TRON (TRX) $ 0.239026
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 95,906.70
chainlink
Chainlink (LINK) $ 18.56
wrapped-steth
Wrapped stETH (WSTETH) $ 3,104.26
avalanche-2
Avalanche (AVAX) $ 25.10
sui
Sui (SUI) $ 3.26
stellar
Stellar (XLM) $ 0.314847
the-open-network
Toncoin (TON) $ 3.72
shiba-inu
Shiba Inu (SHIB) $ 0.000016
leo-token
LEO Token (LEO) $ 9.82
litecoin
Litecoin (LTC) $ 116.88
hedera-hashgraph
Hedera (HBAR) $ 0.223734
usds
USDS (USDS) $ 0.999196
hyperliquid
Hyperliquid (HYPE) $ 23.59
weth
WETH (WETH) $ 2,608.75
polkadot
Polkadot (DOT) $ 4.81
bitget-token
Bitget Token (BGB) $ 6.07
bitcoin-cash
Bitcoin Cash (BCH) $ 329.62
ethena-usde
Ethena USDe (USDE) $ 0.999983
mantra-dao
MANTRA (OM) $ 5.91
uniswap
Uniswap (UNI) $ 9.42
wrapped-eeth
Wrapped eETH (WEETH) $ 2,761.66
ondo-finance
Ondo (ONDO) $ 1.33
monero
Monero (XMR) $ 221.76
pepe
Pepe (PEPE) $ 0.000010
whitebit
WhiteBIT Coin (WBT) $ 27.39
near
NEAR Protocol (NEAR) $ 3.21
aave
Aave (AAVE) $ 242.46
dai
Dai (DAI) $ 1.00
mantle
Mantle (MNT) $ 1.02
internet-computer
Internet Computer (ICP) $ 7.06
aptos
Aptos (APT) $ 5.89
susds
sUSDS (SUSDS) $ 1.04
bittensor
Bittensor (TAO) $ 394.30
official-trump
Official Trump (TRUMP) $ 15.38
ethereum-classic
Ethereum Classic (ETC) $ 20.23
okb
OKB (OKB) $ 49.86
gatechain-token
Gate (GT) $ 22.20
vechain
VeChain (VET) $ 0.032970
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.308261