Bitcoin surges past $97,000 on speculation of Trump's day-one crypto policy
Source: The Street, via Yahoo! Finance
TheStreet
Bitcoin surges past $97,000 on speculation of Trump's day-one crypto policy
Sabrina Toppa
Tue, January 14, 2025 at 3:03 PM EST 2 min read
On Tuesday, the price of bitcoin returned above $97,000, as as speculation swirled within the crypto industry about a potential executive order on cryptocurrency during the first day of Donald Trump’s second presidency. ... This rebound came after bitcoin's price plummeted below $90,000 on Monday. Over the past 24 hours, the cryptocurrency climbed more than 6%, ending Tuesday’s trading session in Asia near $96,000. Despite predictions of a possible dip below $70,000, typical of mid-halving corrections, Bitcoin’s resilience caught many by surprise, said Charles Wayn, co-founder of the Web3 infrastructure network Galxe.
“Crypto markets don't seem to be able to make up their mind how they feel about January right now,” said Wayn. "However, it’s not technicals driving this current volatility - but politics. All markets are paralyzed by the flurry of macroeconomic news hitting us all at once right now, with a stronger-than-expected U.S. jobs report causing a massive nose-dive on Friday.” ... On Tuesday, U.S. inflation data showed that the Producer Price Index (PPI) spiked by 0.2% last month, which Wayn said was indicative that the Federal Reserve was unlikely to raise or lower interest rates in the short-term.
However, Trump's impending second term is a "political wildcard," Wayn pointed out. “As we know, one of Trump's winning campaigns was his pro-crypto policy and indeed we see he is hosting a private crypto dinner this Friday ahead of the inauguration,” Wayn said. “On top of that, we have reports that he could implement pro-crypto policies 'on day one' of his presidency, which is giving us all a bit more confidence.”
“However, investors and traders remain trigger-happy, and any good or bad news could send things either way,” Wayn said. “While Trump undoubtedly has more important things to do on day one than set crypto policies, he is a showman and knows this will grab the headlines and provide a feel-good boost for nearly 53 million U.S. investors in the middle of some pretty grim macroeconomic news.” ... As a result of this, Wayn forecasts that the price of bitcoin might surge to a new all-time high "within the next 10 days,” and will likely avoid plummeting below $70,000.
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Read more: https://finance.yahoo.com/news/bitcoin-surges-past-97-000-200304131.html
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marble falls
(63,018 posts)2naSalit
(95,079 posts)A lead balloon. But bubble works.
IA8IT
(6,024 posts)Too damn old to ride the waves
Think. Again.
(21,382 posts)...Monopoly board game I can find!
global1
(26,039 posts)Tr**p finds a way to benefit and make some money around this.
C_U_L8R
(46,148 posts)That'll fit on a bumper sticker! Or a protest sign or billboard.
IronLionZion
(47,455 posts)things will get really interesting if Trump decides to put Social Security into crypto
creeksneakers2
(7,634 posts)Here's the company he started that will produce the $75 billion.
https://static.worldlibertyfinancial.com/docs/us/gold-paper.pdf
Crypto facilitates crimes because it untraceable so its contrary to the public interest so we should want less, not more of it. There is no advantage to the public having it around. Many people would call what Trump is doing a conflict of interest but since he's flat out enriching himself by harming the public I call it stealing.
Musk is in on it too. And they are talking big, using tax dollars to buy a national crypto reserve, making the US the crypto capitol of the world, even paying off the national debt with crypto.
I fear if crypto becomes more desirable than the money we have now the money we have no will be worth less and savings will be harmed, even wiped out. And a giant crypto speculative bubble could form and burst leading to a depression. This is all very troubling.