Positive news for the crypto market continues to come out from Donald Trump.
Just the day before yesterday the news had come out about the possible acquisition of a regulated crypto exchange, and yesterday another decidedly interesting one came out.
The “crypto role” of the Trump administration: the latest news
The news from yesterday is that Donald Trump’s team is considering the creation of the first “crypto role” at the White House.
The rumor was revealed by Bloomberg, citing anonymous sources close to the team.
Trump will take office as the next President of the USA on January 20, 2025, and during this period he is working on creating his government team.
He has already chosen many names for the key positions, and now his team is also focusing on the second and third tier figures.
The hypothesis suggested by Bloomberg’s anonymous sources is that his team is holding meetings with the digital asset sector to decide whether to create a new position at the White House dedicated specifically to the policy regarding criptovalute.
What is certain is that a meeting has at least been set with the CEO of Coinbase, Brian Armstrong, the main US crypto exchange, but Bloomberg’s anonymous sources also add that the team is already closely examining some candidates for the new crypto role.
However, there are still neither confirmations nor denials, so the news should still be considered unconfirmed.
Donald Trump and the fantastic crypto news
During his previous presidency, which began in 2017, Trump had explicitly spoken out against Bitcoin.
However, after the defeat in 2020, he gradually changed his mind, to the point of having even partially funded the 2024 election campaign with crypto.
The fact is that during the democratic administration of Joe Biden, Trump’s rival party shifted to positions against cryptocurrencies, and this helped Trump quite a bit to win the votes of crypto-investors.
By now, the new president openly supports the crypto sector, so much so that he has declared his intention to transform the USA into the world capital of cryptocurrencies.
The SEC Dilemma
In particular, the government tool most adverse to the crypto sector during the Biden administration has been the SEC of the Democrat Gary Gensler.
The same Gensler a few days ago hinted that he is willing to resign, now that Trump will take office, and this has greatly helped the growth of the bull crypto market in recent weeks.
The hypothesis circulating is that the new president might appoint a supporter of cryptocurrencies as head of the SEC, thus marking a true reversal of course.
If a government official for crypto policy is also added to this, the Trump administration risks being the most favorable to cryptocurrencies in the world, after El Salvador.
The impact on the price of Bitcoin
Last night the price of Bitcoin recorded its new all-time high, above 97,000$.
It should be noted, however, that yesterday, when the Bloomberg rumor came out, it reacted only slightly.
This leads to the belief that the mere news of the hypothesis of a new crypto role at the White House did not have the strength to make it grow again. However, it may have improved the conditions for a further rise in the price.
The real reason behind this rise is the continuous decrease in the selling pressure of Bitcoin on the exchanges.
In fact, since November 6, BTC on exchanges have been decreasing almost constantly, with a sharp decrease especially starting from the day before yesterday, which had a peak just yesterday.
In reality, what sparked enthusiasm were the better-than-expected figures that emerged yesterday from Nvidia’s accounts following the release of the quarterly report.
So on one hand, the selling pressure of Bitcoin on spot exchanges has decreased, while on the other hand, enthusiasm in the American financial markets has increased.
Certainly, the so-called “Trump trade” is still playing a role, but at this moment it seems to have a secondary role compared to the pure market dynamics.
The future of cryptocurrencies
Although it is extremely difficult to predict the future, bettors now consider it likely that the fateful threshold of $100,000 for Bitcoin will be surpassed.
What is not known, however, is when this will happen, and above all what could happen afterwards.
While on one hand the $100,000 now seems just around the corner, on the other hand there are doubts about whether the price of Bitcoin can maintain that level after surpassing it.
In fact, certainly above that figure, sales will be triggered, increasing the selling pressure, whose decline at this moment is the main upward push for the price.
What is not known, however, is how much the selling pressure will increase, and especially for how long.
Therefore, if it cannot be ruled out that after a possible rise above $100,000 the price of Bitcoin may fall, it cannot be ruled out either that it may rise again afterwards. The reality is that no one knows, although the probabilities remain quite high that the Dollar Index may start a long decline, lasting a few months, which could help the price of BTC to rise further.
