Key Takeaways
- Donald Trump signs an executive order establishing a digital asset working group. .
- ETFs applications for altcoins announced.
- Ripple Labs CEO Brad Garlinghouse has met with President Trump.
Overnight we have further clarification from the incoming US president on his plans towards cryptocurrencies, which was a core element of his political campaign. Here are some key takeaways from the order:
- The work group will be tasked with recommending a regulatory and legislative framework to the president within 180 days.
- They are tasked with evaluating and creating a strategic national digital asset stockpile.
- Prohibiting any actions to establishing or promoting central bank digital currencies (CBDCs).
You can find a link to the official documentation here.
Memecoin ETFs
The recent exit of Gary Gensler, former chair of the US Securities and Exchange Commission (SEC) has overlapped with a torrent of new Exchange Traded Fund (ETF) applications. Assets like XRP, BONK, DOGE and TRUMP have so far been mentioned in recent filings.
Ripple Labs
Brad Garlinghouse, CEO of Ripple Labs, recently met with President Trump to propose adding XRP to a broader Strategic Reserve. He reportedly suggested to the president and vice president that the reserve should not be limited to Bitcoin alone, but also include other projects. Meanwhile, Ripple Labs continues to face an ongoing case with the SEC—an issue that may evolve under the new administration.
Fear and greed currently reads 61 – Greed.
Bitcoin Analysis
On the Bitcoin 4-hour chart, Bollinger Bands highlight how price reacts at range extremes. When price sits between the upper band and the mid-line, it often indicates an uptrend. From here, we can consider two potential scenarios.
Bullish Scenario
Market participants maintaining Bitcoins price above the middle of the Bollinger Band, could result in a move higher.
Bearish Scenario
A lack of buyers at this range could result in a move back towards the November 2024 highs.
💱 Swyftx Flows
The buy-to-sell ratio for unique Swyftx orders is nominally >$20,000 AUD (rolling data over the last 7 days, captured at 09:00 am AEST).
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