Bitcoin Price Steadies Amid Trump Crypto Policies

Bitcoin Price Stabilizes with Trump’s SEC Pick

Bitcoin has seen a partial recovery in its price, steadying below recent peaks as traders anticipate more clarity on U.S. monetary policy and potential impacts from Donald Trump’s administration on cryptocurrency. The announcement of Paul Atkins as the potential new SEC Chair, who previously served as an SEC commissioner, has influenced market sentiment. Bitcoin showed a slight increase, trading within the $90,000 to $100,000 range, despite failing to surpass the $100,000 mark following Trump’s election victory in 2024.

Impact of Trump’s Crypto Policies

The crypto market is closely watching Trump's administration for policy cues, especially regarding the promised friendlier regulations. Trump aims to position the U.S. as a leader in the crypto space and has floated ideas like establishing a Bitcoin national reserve. His cabinet selections for key financial roles have also shown pro-crypto inclinations. However, skepticism remains about whether these ambitious crypto promises can be realized, particularly the feasibility of a Bitcoin reserve given current fiscal priorities.

U.S. Government Moves Seized Crypto Assets

In a recent development, the U.S. government transferred $33.6 million in cryptocurrency from wallets associated with the collapsed exchange FTX. The assets, including ether and various tokens, were moved to two undisclosed addresses, raising concerns about potential sales impacting the market.

Altcoins Performance and Upcoming Fed Cues

Altcoins generally performed well, with Ether experiencing a near 5% increase. Solana and Polygon also saw significant gains, while XRP and Cardano showed mixed results. Market participants remain cautious ahead of Federal Reserve cues, as Jerome Powell’s upcoming speech and nonfarm payroll data could influence interest rate decisions. Among meme coins, Dogecoin recorded a modest rise.

These developments underscore the dynamic nature of the crypto market, influenced by both political changes and broader economic indicators. As traders navigate these factors, the future direction of both Bitcoin and altcoins remains closely watched.