Trump Delivers on Crypto Promises: Here's What You Need to Know


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Hey, everyone, and happy Wednesday!

Although Donald Trump didn't mention the crypto industry in his official inauguration speech, he showed his support the very next day.

Hester Peirce has been appointed to lead a working group at the Securities and Exchange Commission (SEC) focused on creating a "clear and understandable regulatory environment for cryptocurrencies in the U.S."

For those unfamiliar with her, Hester Peirce is often called the "Crypto Mom" by the community because of her consistent support for the industry. She has always recognized the potential of crypto to improve financial systems and has been a vocal critic of the outdated regulatory approach the SEC has used for years.

Back in 2018, Peirce openly criticized the SEC's decision to reject Bitcoin ETFs. Now, with her new role, she will play a key part in shaping effective regulations. The importance of this news cannot be overstated. The new SEC chairman, Mark Uyeda, has expressed his eagerness to see Peirce lead the institution toward clear crypto legislation.

This development signals that the SEC, under its new leadership, is committed to improving crypto regulations with people who actually support the industry. The market reacted immediately to the news, with Bitcoin briefly surging to $107,000 yesterday.

Price Action

Total Mkt Cap: $3.76 Trillion | 24HR Liquidations: $196M | Sentiment: Extreme Greed

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Bitcoin

The primary cryptocurrency jumped past $100,000 at the end of the previous business week and went to a high of $105,000 on Friday. While the weekend was less eventful on the BTC front, despite the two Trump-related meme coins, the asset maintained its level and even surged to $106,000 on Monday morning.

Then came the volatile ride that pushed the asset to under $100,000. In minutes, it had recovered all losses and skyrocketed even further to just over $109,000 to register a new all-time high. All of these movements transpired in the span of just a few hours.

Once Trump's inauguration began on Monday afternoon, BTC's price started to tumble again and plunged to $100,000 once again as he failed to mention crypto even once. Nevertheless, the bulls intervened at this point and drove the cryptocurrency to $107,000 yesterday.

It has lost some ground since then and now trades a lot more calmly around $105,000. Its market capitalization has risen to $2.080 trillion on CG, and its dominance over the alts is still above 55%.

Altcoins

Most alternative coins have turned green today after yesterday's retracements. Solana and Dogecoin have popped up as the top performers, with both gaining around 6%. As a result, SOL has risen to over $250, while DOGE, which exploded yesterday at one point, is now above $0.36.

ETH, XRP, BNB, and ADA have posted minor gains, while TRX, LINK, and AVAX have added around 3-4% of value.

Other notable price gainers since yesterday include HYPE and CRO, as the exchange behind the latter launched in the US.

The total crypto market cap has increased by over $100 billion on a daily scale and is close to $3.8 trillion on CG.

Best Performers

Virtuals Protocol (VIRTUAL) +21%
Worldcoin (WLD) +19%
Raydium (RAY) +13.6%

Worst Performers

Kaspa (KAS) -4.3%
Jupiter (JUP) -3.3%
Dogecoin (DOGE) -3.2%

The Crypto News You Can't Miss

The U.S. President has finally addressed the explosive success of his Official Trump (TRUMP) meme coin, admitting that he wasn't involved much in the project beyond launching it. Read the full story.

Escalating tensions at the Ethereum Foundation have been causing quite a stir among the crypto community while the asset price remains depressed. Read the full story.

On Jan. 21, Donald Trump said he had signed a full and unconditional pardon for Ross Ulbricht, who operated the dark web marketplace Silk Road. Read the full story.

Biotech entrepreneur and prominent crypto supporter Vivek Ramaswamy has reportedly stepped down from his role as co-lead of the Department of Government Efficiency (DOGE). Read the full story.

Your Daily Crypto Did You Know

Did you know that "Huntercoin," released in 2014, is considered the first-ever blockchain-based game? It allowed players to mine cryptocurrency through in-game activities, paving the way for future blockchain gaming innovations.