Historic Week for the Crypto Industry as Trump Steps into Office: Your Crypto Recap

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It’s been a historic week in the cryptocurrency market! Even though the prices don’t exactly reflect it on a seven-day scale, a lot has happened on the macro level that could pave the way for a longer-term progress that was much-desired. That said, the total crypto market cap currently sits at around $3.8 trillion, but let’s take it one step at a time.

The very first thing that happened at the beginning of the week was Donald Trump taking the oath of office and stepping into his position as the 47th president of the United States of America. This unchained a series of events that could provide for a long-lasting impact on the industry.

Right off the get-go, Trump signed an executive order, which, among other things, established a working group on Digital Asset Markets with the purpose of exploring the merits of creating a strategic national cryptocurrency stockpile. Now, some clarifications are in order. Many expected Trump to focus on Bitcoin and to actually mandate the government to consider buying it for its national reserves. Whereas in reality, the order only talked about not selling the crypto that the country has confiscated.

Nonetheless, the order in question also aims to prohibit the creation and further usage of central bank digital currencies to prevent a potential dispute to the dollar’s hegemony. Also, the document outlines the necessity for for easy access for individuals and crypto companies to the country’s banking system, effectively putting a halt on operation Chokepoint 2.0.

That said, Trump also appointed an interim Chairman to the Securities and Exchange Commission – Mark Uyeda. They also established a task force headed by Commissioner Hester Peirce (a.k.a Crypto Mom) to work on creating a fair and transparent framework for digital assets.

All in all, it was a very good week in terms of crypto fundamentals, not so much as for the price as most of the coins are charting losses with the exception of BTC, which is up by around 2%.

Market Data

Market Cap: $3.801T | 24H Vol: $213B | BTC Dominance: 55.3%

BTC: $106,100 (+2%) | ETH: $3,397 (-0.7% ) | XRP: $3.16 (-1.3%)

This Week’s Crypto Headlines You Can’t Miss

Trump Signs Executive Order To Consider National Digital Asset Stockpile: Report. Arguably, the biggest news in the cryptocurrency space this week came on Thursday night when the new US President signed an executive order to review the creation of a ‘National Digital Asset Stockpile.’ This, alongside Senator Cynthia Lummis’ election to chair the Senate Banking Subcommittee on Digita Assets, prompted Changpeng Zhao to claim that the BTC reserve is ‘pretty much confirmed.’

Donald Trump Pardons Silk Road Creator Ross Ulbricht. President Trump seems to be keeping up his promises, at least for now, as he officially pardoned Ross Ulbricht, the controversial founder of the notorious Silk Road. The developer spent roughly a decade behind bars as he was convicted in May 2015 on seven charges and received two life sentences plus 40 years without the possibility of parole.

SEC Revokes SAB 121, Paving the Way for Banks to Hold Crypto. More favorable news from the new US administration toward crypto came with a substantial change within the Securities and Exchange Commission. A new policy, called SAB 122, overturned the controversial SAB 121, which essentially blocked banks from holding crypto assets.

Trump Names Uyeda and Pham as Interim SEC and CFTC Leaders. The changes within the two top US financial watchdogs – CFTC and SEC – began with the appointment of Mark Uyeda as the latter’s interim Chair and Caroline Pham to spearhead the former until permanent leaders are voted in.

Trump Downplays Meme Coin Profits in First Statement After Launch. The crypto space was rocked in the past week by the launch of two official meme coins by the US President and the First Lady. The consecutive token releases during the weekend sent shockwaves throughout the market, but Trump downplayed the profits when he finally addressed the assets publicly.

Here’s What CryptoQuant’s IBCI Signals for Bitcoin’s Next Move. Bitcoin went on a wild ride this week, from a brief slip below $100,000 to a new all-time high above $109,000 on inauguration day. Since then, the asset has calmed and stands a few grand from that peak. However, there are some warning signs that this bull run could come to an end soon or at least be paused for a while.