US President Donald J. Trump made good on one of his pro-crypto promises and signed an executive order that will make it mandatory for the country to at least maintain its BTC stash. Yet, bitcoin prices are yet to feel the actual impact.
But before going into details on that order signed on Thursday, let’s go back to the developments that unfolded during the weekend. After a calm few days following BTC’s latest rollercoaster, the asset had remained at around $85,000 before, on Sunday evening, Trump posted on his social media that there are indeed plans to establish a US-based crypto reserve that will hold some altcoins and bitcoin.
Prices exploded within minutes. BTC skyrocketed from its aforementioned level by ten grand and tapped a multi-day peak of $95,000. However, that turned out to be a fakeout as some analysts warned and the cryptocurrency dumped by $13,000 in the next 36 hours to under $82,000 on Tuesday.
Its correction didn’t continue in the following days. Just the opposite, bitcoin started to recover some ground and knocked on the $90,000 door on a couple of occasions but to no avail.
The first rejection came on Thursday, but the second big one on Friday morning pushed BTC south hard to $85,000 once again. Interestingly, this one came just minutes after Trump signed the executive order to halt the sales of bitcoin from the US government, which owns close to 190,000 BTC (valued at over $17 billion).
This classic sell-the-news event sent bitcoin south, but the asset jumped to $91,000 just a few hours ago. However, another rejection arrived at this point, and BTC now struggles beneath $90,000. The day is far from over, though, given the upcoming crypto summit to be held at the White House. Consequently, more volatility is expected.
The weekly landscape is quite positive for BTC and many altcoins, but that’s mostly because the entire market plummeted last Friday once again. On a monthly scale, the situation is different, with most assets deep in the red.
Market Data
Market Cap: $3T | 24H Vol: $150B | BTC Dominance: 58.3%
BTC: $88,090 (+7.4%) | ETH: $2,194 (+1.1%) | XRP: $2.49 (+18.4%)
This Week’s Crypto Headlines You Can’t Miss
Ethereum Sentiment Hits Yearly Lows: Is This the Ultimate Contrarian Play? The second-largest cryptocurrency continues to underperform and was close to breaking below $2,000 earlier this week. Naturally, the sentiment toward ETH has gone south hard, but could this actually be a blessing in disguise?
Declining Dollar Index Could be a Tailwind For Crypto: Analysts. The greenback has lost a big portion of its value compared to other currencies. Moreover, analysts claim that Trump plans to devalue it further. Interestingly, a weak dollar could mean higher prices for bitcoin and altcoins, and here’s why.
Bukele Defies IMF, Reaffirms Bitcoin Commitment Despite Loan Restrictions. El Salvadoran president Nayib Bukele got a loan deal from the IMF several months ago, and parts of that agreement mandated that the country reduce its Bitcoin involvement. However, Bukele refused to stop the BTC investments and outlined a bullish perspective earlier this week.
XRP, SOL, and ADA Inclusion in US Crypto Reserve Pushes Traders on Edge. As mentioned above, Trump named several altcoins that could potentially be included in the US strategic crypto reserve. Expectedly, their prices soared by double-digits immediately after the Sunday post, which led to a large number of liquidated traders on both sides, given the fact that these alts retraced hard just a day later.
Why Arthur Hayes Is Bullish on Bitcoin Under Trump’s Economic Strategy. The BitMEX co-founder has been a vocal critic of the Bitcoin reserve in the States. He believes it will ultimately serve the purpose of whoever is in charge, disregarding the entire crypto market. In a more recent post, though, Hayes stated that the Trump administration’s actions will be bullish for BTC.
Bybit Hacker Reportedly Launders Entire $1.4B Loot in Just 10 Days. The Bybit hacker, largely believed to be the North Korea-backed Lazarus Group, needed less than two weeks to launder the entire stolen amount, which was worth around $1.4 billion at the time of the incident.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Solana – click here for the complete price analysis.
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