Bitcoin Stabilizes Above $100,000 Amidst Trump’s Inauguration and Bold Crypto Moves
Bitcoin, the leading cryptocurrency by market capitalization, has recently seen a remarkable stabilization above the $100,000 mark. This comes in the wake of President Donald Trump’s inauguration, an event that has historically sparked volatility in the crypto markets.
Record-Breaking Rally and ETF Inflows
Earlier this week, Bitcoin reached an all-time high of $108,786, coinciding with heightened anticipation around Trump’s inauguration. Despite a subsequent 4% drop, the cryptocurrency remains robustly above the $100,000 threshold, according to data from CoinGecko.
The inauguration week also witnessed a significant surge in investments into Bitcoin ETFs. A staggering $802.6 million was invested into these funds in just one day, with the total for the week topping $1.75 billion. This influx is part of a broader trend that has seen Bitcoin ETFs attract over $40 billion in assets, a testament to the growing mainstream acceptance of Bitcoin as a legitimate investment vehicle.
Presidential Pardon Ignites Community Support
In a move that resonated deeply within the crypto community, President Trump issued a pardon to Ross Ulbricht, the founder of Silk Road. Ulbricht’s release was met with a wave of support, with numerous Bitcoin donations flooding his digital wallets. Currently, Bitcoin wallets associated with Ulbricht are estimated to hold over $47 million worth of the cryptocurrency.
Ulbricht, who was imprisoned in 2013, is celebrated in the Bitcoin community for pioneering one of the earliest marketplaces to accept the digital currency. While it remains unconfirmed if the wallets in question are his, the possibility adds a layer of intrigue to his story.
Trump’s Crypto Executive Order and Market Reaction
Despite high hopes for a Bitcoin strategic reserve, President Trump’s first crypto-related executive order post-election left many Bitcoin enthusiasts underwhelmed. The order hinted at the creation of a national digital asset stockpile but failed to mention Bitcoin explicitly, focusing instead on “digital assets.” This has sparked a backlash from Bitcoin purists, concerned about the potential prioritization of other cryptocurrencies.
This sentiment was echoed by prominent Bitcoin advocate Jack Mallers, who criticized efforts by Ripple to influence U.S. crypto policy at the expense of Bitcoin. Mallers’ comments highlight the ongoing debate within the crypto community regarding the centralization and corporate control of certain digital currencies.
Corporate and Financial Sector Bullish on Bitcoin’s Future
On the corporate front, MicroStrategy continues to deepen its commitment to Bitcoin. Shareholders approved a significant increase in the company’s Class A common shares, facilitating further Bitcoin purchases. MicroStrategy’s aggressive acquisition strategy has paid off, with its Bitcoin holdings now valued at over $48 billion.
Financial institutions are also optimistic about Bitcoin’s potential. Standard Chartered projected a possible rise to $200,000 by 2025, driven by growing interest from pension funds. Meanwhile, BlackRock’s CEO Larry Fink and Coinbase’s Brian Armstrong have suggested even more ambitious targets, with Fink mentioning a potential rise to $700,000 and Armstrong predicting Bitcoin could reach “multiple millions.”
These projections reflect a broader belief in Bitcoin’s long-term value, driven by increasing institutional adoption and a favorable regulatory environment. As the landscape of digital currencies continues to evolve, the actions of influential figures like President Trump and corporate leaders will play a critical role in shaping the trajectory of Bitcoin and the wider crypto market.
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