Sat 25 January 2025:
The price of Bitcoin soared by 2.5% on Friday after US President Donald Trump signed an executive order on cryptocurrency markets.
The current price of Bitcoin is at around $104,736 as of 0645GMT, and its market cap increased to $2.07 trillion.
Bitcoin’s transaction volume in the last 24-hour period was around $100.44 billion.
This month, the price of Bitcoin saw the highest-ever value of around $109,000 due to Trump’s inauguration.
Ethereum prices also rose by 4% to $3,381 over the same period.
These hikes came after Trump’s new executive order which includes establishing regulations and technologies related to cryptocurrency and its advancement in the US.
Establishing a working group, named Working Group on Digital Asset Markets, to examine a national digital asset stockpile was also included in the order.
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The Trump administration’s policy toward cryptocurrencies was cautious and critical. Key figures, like former Treasury Secretary Steven Mnuchin, expressed concerns about cryptocurrencies facilitating illegal activities such as money laundering and tax evasion. President Trump himself was openly skeptical, tweeting in 2019 that he wasn’t a fan of Bitcoin or other digital assets, citing their volatility and potential misuse.
Under the administration, regulatory bodies like the SEC, CFTC, and FinCEN took active roles in monitoring and regulating the crypto space. For example, the SEC increased scrutiny of Initial Coin Offerings (ICOs) and emphasized investor protection. Meanwhile, FinCEN implemented strict anti-money laundering (AML) rules to ensure compliance from crypto exchanges.
The Trump administration also viewed the rise of private cryptocurrencies, like Facebook’s Libra (later renamed Diem), as a potential threat to the U.S. dollar’s dominance. This prompted tighter scrutiny and legislative debates around stablecoins.
Overall, the approach was skeptical, emphasizing regulation and enforcement rather than fostering innovation in the space.
SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES
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