NEWSLETTER
Following the recent executive order of President Donald Trump that emphasizes the importance of the digital asset industry for US innovation, bitcoin experienced a remarkable decrease. The value of the cryptocurrency fell more than 6.5%, falling below $ 98,000 on Monday morning in Europe, before recovering some losses. Other cryptocurrencies also faced recessions; Solana and XRP decreased by approximately 11% and 14%, respectively, while Ether saw a decrease greater than 8% at one point.
The Executive Order, issued on Friday, demands the formation of a working group to advise the White House about cryptocurrency policy. This group has the task of proposing a regulatory framework for digital assets within six months and evaluating the establishment of a cryptographic reserve. In particular, the order did not confirm the creation of a bitcoin reserve, a commitment that President Trump had made during his campaign.
Sean McNulty, head of APAC derivatives in Falconx, commented on the market reaction: “Although the market obtained 90% of what he wanted with executive orders, he obviously had a price mostly.” He added that anything less than an immediate purchase of the bitcoin reserve was probably disappointed in investors.
Since President Trump's electoral victory in early November, bitcoin has increased more than 50%. Initially a cryptographic skeptic, Trump changed his position during his campaign, partly influenced by important political contributions of the cryptographic industry. He has pledged to position the United States as the cryptographic capital of the world and, in December, appointed the risk capitalist David Sacks as the artificial intelligence and cryptographic tsar of the nation.
In the days before its inauguration on January 20, both President Trump and the first lady Melania Trump launched Memecoins, highly volatile tokens with an intrinsic value questionable, highlighting a lot highlighting the commitment of the administration to the cryptographic sector.
Justin d'Anethan, Chief of Sales of Liquifi, a tokens launching firm, observed: “After a series of bullish news, such as the regulatory appointments Pro-crypto, the new presentations of ETF products and the executive orders, The market seems to be catching its breath. “
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