BoliviaInteligente | Unsplash
It was expected that the price of Bitcoin would tend to set new records, although I assume not so soon. Just a week ago we saw a price of $91,000 dollars, and today we find a price of $107,670 dollars at the time of writing these lines. But it reached a new ATH of $109,114 dollars according to the record provided by CoinMarketCap, which differs slightly from CoinGecko which marks an ATH of $108K.
Donald Trump's investiture as President of the United States has definitely managed to ignite the market, reflecting specifically on Bitcoin due to an open stance towards cryptocurrencies. The slight pullback that has occurred so far is likely part of profit-taking by many investors. Trump seems to continue to praise Bitcoin even more. In fact, on Sunday, he made a speech mentioning that "Bitcoin had broken records in series," and this seems to be a very significant one going forward.
The Now Time | Unsplash
The market's tilt towards optimism is based on certain parameters, such as the fulfillment of promises made during the campaign. Considering this scenario, we could see early actions, although it is speculated that many of them may occur within the 100-day range, such as the implementation of a strategic Bitcoin reserve, or something much more drastic, such as the repeal of SEC SAB 121, which establishes that digital assets custodied by financial entities be classified on their balance sheets.
Within a series of measures, it is likely that Trump will begin to establish a series of executive orders regarding cryptocurrencies. He is also looking to include potential cryptocurrency advisors in his administration to promote digital assets. Bo Hines has recently been chosen for the position of "CEO of the Presidential Council on Digital Assets."
geralt | Pixabay
Bitcoin's volatility has different fronts. Both in the realm of politics and at the other extreme, meme coins. Trump has launched his official meme coin called $TRUMP (Official Trump), which saw a significant drop from $72 dollars to $40, with a recovery to the current $53.56 dollars. This happened after another meme coin called $MELANIA (Melania Trump) emerged, which has created rampant speculation and discord in the crypto market. The latter has risen by 17.8%, with a price of $8.75 dollars at this precise moment. Both meme coins circulate through Solana.
When we talk about possibilities, or rather, opportunities, it covers a wide range. A financial company associated with the Trump administration has purchased and registered four Ethereum domain names. World Liberty Financial, or WLF, has secured the following domains: worldliberty.eth, trumpcoin.eth, erictrump.eth, and barrontrump.eth. However, the latter three are related to the Trump family, which could lead to the emergence of new meme coins, translating into an extra opportunity for the market.
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From this perspective, we could consider that the market has many opportunities in terms of how news impacts the political arena. It is increasingly aimed at promoting and creating new ties that bring politics closer to the financial system, where the crypto sector is becoming more present. In some way, legal norms will have to yield to these parameters, and the arrival of a new administration will be the long-awaited change that is now becoming a reality.
What will be the market growth from now on? We do not know, but we can point out that it will gradually become much more flexible and not as harmful through hostile interpretations provided by entities like the SEC, which have in the past restricted the proper growth of blockchain technology and its new finances.
- Main image edited in Canva.
- I have consulted information at decrypt.co: I, II, III and IV.
- Translated from Spanish to English with Hive Translator.
Posted Using INLEO
And funny to see how Hive still sits low , when BTC is 100k or more, we must long time sit on 1 dollar or 1.50 🤷♂️☕🦊
It would be necessary to find the cause of this, in order to work on that turning point. It's something we don't do, we just tend to get cranky, disappointed and so on. It would be good if those in the know would start getting together to talk.
HIVE should be above the dollar at the very least, that's for sure! We will do our best to make that happen! 🚀