btc-usdArslan Butt•Friday, January 24, 2025•1 min read Add an article to your Reading ListRegister now to be able to add articles to your reading li
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Arslan Butt•Friday, January 24, 2025•1 min read
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President Donald Trump signed a groundbreaking executive order establishing a crypto working group and exploring a national digital asset strategy, signaling a potentially pro-crypto administration approach.
The order, which temporarily halted work on a central bank digital currency, immediately impacted cryptocurrency markets, with Bitcoin experiencing volatile price movements.
Crypto Market Developments
Significant changes in the crypto market included Trump’s executive order, questions about exchange security, and government investigation. After noticing anomalous outflows across several blockchains totaling about $29 million, Phemex cryptocurrency exchange momentarily stopped withdrawals, generating security concerns in the crypto community.
Trump’s Executive Order on a National Digital Asset Stockpile
Trump signed an executive order forming a working committee headed by David Sacks to review crypto rules and maybe build a national digital asset reserve. The directive specifically forbade the creation of a central bank digital currency (CBDC) and instructed a thorough assessment of current crypto-related laws over thirty to 180 days.
Bitcoin Dips After Trump’s Crypto Reserve Order
BTC/USD
After the announcement, Bitcoin’s price BTC/USD displayed instant volatility, momentarily rising to $106,850 before falling back to about $103,500. Investors were digesting the complex ramifications of Trump’s executive order, which fell short of establishing a dedicated Bitcoin strategic reserve, hence the cryptocurrency received conflicting reactions.
BNB Chain Focusing on AI-First Web3 Solutions
BNB/USD
Emphasizing its possibilities in merging artificial intelligence with Web3 technology, BNB Chain BNB/USD positioned itself as a “AI-first” blockchain. With its total value locked (TVL) rising to $5.53 billion and hosting over 50 active projects concentrated on artificial intelligence development and blockchain integration, the platform saw notable increase.
Avalanche Price Prediction: Can AVAX Cross $70?
Avalanche showed promise despite recent pricing difficulties; trading volume climbed by 27% to $399.16 million. With experts expecting an average February price around $50, price forecasts indicate AVAX may perhaps hit $70.31 by January 30, so offering a noteworthy possible upside for investors.
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
www.fxleaders.com