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Bitcoin (BTC) has recovered from its recent slump, which saw the price drop to an intraday low of $101,441 late on Thursday. The flagship cryptocurrency has registered an increase of nearly 3% over the past 24 hours and is currently trading around $104,612, with bulls looking to push it beyond $105,000. Ethereum (ETH) also registered a substantial recovery, rising over 4% to reclaim $3,300 and move to its current level of $3,330.
Markets have bounced back after a bearish and highly volatile couple of days, with most cryptocurrencies trading in the green. Ripple (XRP), Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Tron (TRX), Chainlink (LINK), Stellar (XLM), Toncoin (TON), Hedera (HBAR), and Polkadot (DOT) registered substantial gains. As a result, the crypto market cap recorded an increase of nearly 2% and currently sits at 3.57%.
Trump Issues Executive Order Banning CBDCs
In a move that could have significant ramifications, US President Donald Trump has issued an executive order banning the creation of a central bank digital currency (CBDC) in the US. The executive order, titled “Strengthening American Leadership in Digital Finance Technology” introduces several key provisions, including a ban on the creation and issuance of a CBDC in the US. It also establishes several measures to regulate digital assets like stablecoins and cryptocurrencies.
The executive order defines a CBDC as a form of digital money or monetary value denominated in the national unit of account that is a direct liability of the central bank. The order states,
“Except to the extent required by law, agencies are hereby prohibited from undertaking any action to establish, issue, or promote CBDCs both within the US and abroad. Additionally, any ongoing plans or initiatives related to CBDC creation will be immediately halted.”
A Presidential Working Group
US President Donald Trump has ordered the creation of a cryptocurrency working group tasked with developing new digital asset regulations and exploring the creation of a cryptocurrency stockpile. The highly anticipated order also ordered that banking services for crypto companies be protected, alluding to claims US lenders have directed lenders to cut crypto companies from banking services, a charge regulators have vehemently denied. The order was met with enthusiasm by the crypto industry, which has been pushing for the new administration to send a strong sign of support for the industry. Nathan McCauley, CEO and co-founder of Anchorage Digital, stated,
“Today’s crypto executive order marks a sea change in U.S. digital asset policy. By taking a whole-of-government approach to crypto, the Administration is making a significant first step toward writing clear, consistent rules of the road.”
If implemented, Trump’s executive order could bring crypto into the mainstream. Tim Scott, Republican Chair of the Senate Banking Committee, stated,
“Just days into his administration, President Trump is delivering on his promises... to keep the United States a leader in digital assets innovation.”
SEC Rescinds SAB 121 Requirement
The United States Securities and Exchange Commission has withdrawn the controversial SAB 121 requirement for crypto accounting which outlined strict disclosure requirements for financial institutions holding crypto on their books. The SEC issued SAB 122, rescinding SAB 121, and allowing financial institutions that hold crypto on behalf of their customers to determine whether to declare the digital assets as a liability. SAB 121 required custody providers to treat crypto holdings as both an asset and a liability. However, this was a sticking point for crypto firms who opposed the requirement due to the complexity of account practices.
The withdrawal of SAB 121 highlights the Trump administration’s crypto-friendly stance, which Trump had alluded to during campaigning. Acting SEC Chair Mark Uyeda had also publicly opposed SAB 121 during former SEC Chair Gary Gensler’s term.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) faced significant volatility on Thursday as buyers and sellers struggled to establish control. As a result, BTC saw wild price swings before ultimately registering a marginal increase. Analysts believe further volatility lies ahead, and traders could capitalize on significant price swings. Indicators suggest BTC, currently trading around $104,500, is like a coiled spring that could go in either direction. The indicator analysts are referring to is the 60-day price range, which represents the maximum and minimum price ticks in percentage terms. A tiger range indicates stable market conditions. A Glassnode analysis shows BTC’s 60-day range is tighter than the current trading range. Historically, such conditions indicate significant volatility. Glassnode stated in its report,
“All of these instances have occurred before a significant burst of volatility, with the majority being in early bull markets or prior to late-stage capitulations in bear cycles.”
BTC has been trading in a steady upward trajectory since its collapse last week when it dipped to an intraday low of $89,397. It recovered over the next two sessions, rising above the 20 and 50-day SMAs and settling at $100,051 by Wednesday. However, it was back in the red on Thursday, dropping to an intraday low of $97,094 before settling at $99,798, registering only a marginal decline. Buyers returned to the market on Friday as BTC rose nearly 4% to surge past $100,000 and settle at $103,732. The price was back in the red on Saturday, dropping marginally on Saturday and then by 2.07% on Sunday to settle at $101,434.
Source: TradingView
BTC started the current week facing significant volatility as it surged to a new all-time high on Monday, reaching $109,312. However, buyers lost momentum after reaching this level and the price fell to an intraday low of $99,516 before reclaiming $100,000 and settling at $102,408. Sellers attempted to drive BTC below $100,000 on Tuesday as it fell to an intraday low of $100,161. However, it recovered from this level to register an increase of nearly 4% and settle at $106,054. Despite strong momentum, BTC was back in the red on Wednesday, dropping 2.21% and settling at $103,715.
Volatility returned to the market on Thursday as buyers and sellers sought to establish control. As a result, BTC rose to an intraday high of $106,913, and dropped to an intraday low of $101,290, before ultimately registering a marginal increase and settling at $104,004. The current session sees BTC up nearly 1% and trading just above $105,000. If buyers can maintain momentum, we could see BTC test its all-time high and potentially move beyond $110,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) is at the cusp of pushing above $3,400 after finally breaking past the 20-day SMA and a key resistance level. ETH faced significant volatility over the past few sessions as it struggled to stay above the 20-day SMA, with the price dipping below $3,300 during the ongoing week. Despite ETH’s recent volatility, it was bullish at the beginning of the previous week. The price surged past the 20-day SMA on Wednesday after registering an increase of nearly 7% and moving to $3,450. However, it could not stay at this level and dropped over 4% on Thursday, going below the 20-day SMA and settling at $3,308. Buyers returned to the market on Friday, pushing ETH up nearly 5% to $3,473. Bearish sentiment returned over the weekend as ETH dropped 4.84% on Saturday to slip below the 20-day SMA and settle at $3,305.
Source: TradingView
Buyers attempted a recovery on Sunday as ETH rose to an intraday high of $3,446. However, it lost momentum after reaching this level, allowing sellers to push the price down 2.82% to $3,212. ETH rallied on Monday as it surged to an intraday high of $3,453. However, it quickly fell back and ultimately settled at $3,280, registering an increase of just over 2%. Buyers retained control on Tuesday, and ETH rose 1.44% to $3,3,27. The price could not move past the 20-day SMA and was back in the red on Wednesday, dropping 2.57% to $3,242. Buyers returned to the market on Thursday, and ETH registered an increase of 2.99% and settled at $3,339. ETH has crossed the 20-day SMA during the current session, up nearly 2% and trading around $3,395.
Solana (SOL) Price Analysis
Solana's (SOL) bull run stalled this week after encountering considerable volatility and selling pressure. As seen in the chart, SOL surged past the 20-day SMA on Wednesday and settled at $205. Bullish sentiment persisted despite volatility, and SOL moved past the 50-day SMA on Thursday and settled at $211. Buyers retained control on Friday, allowing SOL to move to $219. Bullish sentiment registered a substantial increase on Saturday as SOL surged an incredible 19.19% and settled at $261. Sunday saw SOL surge to an intraday high of $295 as bulls set their sights on $300. However, SOL lost momentum at this level and dropped nearly 4% to $252.
Source: TradingView
Volatility and bearish sentiment persisted on Monday as SOL rose to an intraday high of $272 and dropped to an intraday low of $229 before ultimately settling at $241, registering a drop of just over 4%. Despite facing significant volatility, SOL rose 3.47% on Tuesday and settled at $250. Buyers retained control on Wednesday as SOL surged to an intraday high of $272. However, selling pressure at this level forced the price down, and SOL settled at $257, registering an increase of nearly 3%. Sellers returned to the market on Thursday as SOL dropped to an intraday low of $242 before recovering and settling at $253. The current session sees SOL up nearly 3% and trading around $260.
Arbitrum (ARB) Price Analysis
Arbitrum (ARB) is trading in a narrow range as it struggles to build momentum and push above the 20-day SMA, which acted as a dynamic resistance level. ARB crossed the 20-day SMA on Friday, rising nearly 8% and settling at $0.815. However, bearish sentiment returned on Saturday as the price fell below the 20-day SMA and settled at $0.766. Sellers retained control on Sunday, and ARB dropped nearly 9% to $0.698. Buyers attempted a recovery on Monday as ARB rose to an intraday high of $0.759. However, they could not sustain momentum, and ARB ultimately registered a marginal drop and settled at $0.697.
Source: TradingView
Despite the bearish sentiment, ARB recovered on Tuesday, rising nearly 4% and settling at $0.722. The price fell back in the red on Wednesday, dropping just over 3% and settling at $0.70 before recovering on Friday and settling at $0.720. The current session sees ARB up by 1.29% and trading around $0.729 as buyers look to build momentum and test the resistance around the 20-day SMA.
Ripple (XRP) Price Analysis
Ripple (XRP)’s momentum halted over the weekend as bearish sentiment returned after it failed to push above $3.40. XRP was bullish last week and registered a substantial jump of nearly 18% on Wednesday to move past $3 and settle at $3.14. XRP faced significant volatility on Thursday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand, and XRP rose over 3% and settled at $3.24. Buyers retained control on Friday as the price rose 1.50% to $3.29. Despite the bullish sentiment, XRP fell over the weekend, dropping to an intraday low of $3.05 on Saturday before settling at $3.26, dropping almost 1%. Bearish sentiment intensified on Sunday as XRP plummeted below $3, falling 9.54% to $2.95.
Source: TradingView
XRP recovered on Monday, surging to an intraday high of $3.36. However, it lost momentum after reaching this level and dropped to $3.10, registering an increase of nearly 5%. Buyers retained control on Tuesday as XRP registered a rise of 2.33% and moved to $3.17. XRP could only register a marginal increase on Wednesday before dropping nearly 2% on Thursday and settling at $3.11. The current session sees XRP up almost 2% and trading at $3.16.
Aptos (APT) Price Analysis
Aptos (APT) is trading in a downward trajectory after failing to move past $10 over the weekend. After reaching $9.75 on Friday, APT dropped nearly 5% on Saturday and settled at $9.31. Sellers retained control on Sunday as APT dropped almost 9% to slip below the 20 and 200-day SMAs and settled at $8.49. Buyers attempted a recovery on Monday as APT rallied to an intraday high of $9.26. However, it lost momentum after reaching this level and ultimately dropped to $8.54, registering only a marginal increase.
Source: TradingView
Buyers retained control on Tuesday, pushing APT up by 2.28% to $8,73. However, APT could not move past the 200-day SMA and was back in the red on Wednesday, dropping just over 3% to $8.47 and slipping below a key support level. The price continued to drop on Thursday, falling 1.60% to $8.33. The current session sees APT up nearly 2% as buyers look to reclaim $8.50.
Immutable (IMX) Price Analysis
Immutable (IMX) slipped below the 20-day SMA over the weekend, dropping nearly 8% on Saturday and settling at $1.31. Selling pressure intensified on Sunday, with the price dropping almost 12% to $1.15. Despite the overwhelming bearish sentiment, IMX recovered on Monday, reaching an intraday high of $1.25 before settling at $1.19, registering an increase of nearly 3%. Buyers retained control on Tuesday, rising 4% and settling at $1.23.
Source: TradingView
However, bearish sentiment returned on Wednesday as IMX dropped 4.50% and settled at $1.28. Market sentiment changed on Thursday, and IMX registered an increase of 2.28% to settle at $1.21. The current session sees IMX up just over 1% and trading around $1.22.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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