Important takeaways
- Bitcoin surpassed $100,000 ahead of President-elect Trump’s inauguration, with a weekly gain of 15%.
- Market sentiment is bolstered by expectations of a Bitcoin reserve and crypto-friendly executive orders under the Trump administration.
Bitcoin surged past the $100,000 mark early on Friday, fueled by optimism as traders prepare for President-elect Donald Trump’s January 20 inauguration.
The largest crypto asset by market capitalization gained over 5% in the past 24 hours, rising from an intraday low of $97,500 on Thursday to over $103.5,000 at press time.
The week began with Bitcoin falling below $90,000 on stronger than expected labor data. However, it rebounded after favorable CPI numbers were released on Wednesday.
Comments from Federal Reserve Governor Christopher Waller, which hinted at several rate cuts in 2025, further fueled the recovery.
Anticipation of Trump’s pro-crypto policies has further fueled bullish sentiment, with Bitcoin now aiming to break its all-time high of $108,000, reached in mid-December.
Although optimism is high, some experts caution against overconfidence.
“I think a lot of the crypto industry is getting a little ahead of itself and thinking that the Trump administration will immediately overload the market,” said Boris Bohrer-Bilowitzki, CEO of Blockchain Tech company Concordium.
Bohrer-Bilowitzki added that while there may be tension on Trump’s first day in office, a legitimate and sustained bull market would require innovative companies to bring their operations and investments back to the United States.
Reverse a Bloomberg Report revealed that Trump may issue an executive order declaring crypto a national priority and establishing a crypto advisory council, further improving the chances of a continued uptrend for Bitcoin.
In addition, Polymarket indicates a 43% probability that Trump will create a strategic Bitcoin reserve within his first 100 days in office, further boosting market sentiment.
Financial investor Fred Krueger added to the speculation in an X post yesterday, suggesting that a strategic Bitcoin reserve will be announced on Monday as part of Trump’s many planned executive orders.
Krueger noted that many Trump donors would be deeply disappointed if an executive order addressing a strategic Bitcoin reserve was not included.
The broader crypto market has also seen gains, rising 2% overall according to Coingecko data.
Altcoins have seen double-digit gains, with OKX’s native token OKB up 22%, Thorchain’s native token RUNE up 18% and Litecoin rising on news of an ETF filing, as Nasdaq submitted a 19b-4 form to the SEC on Thursday.
Data from Coinglass revealed $272 million in total liquidations over the past 24 hours, consisting of $167 million in short liquidations and $106 million in long positions.
As Bitcoin reclaims the $100,000 territory, traders eagerly await Trump’s inauguration and his comments on crypto.
