Bitcoin Explodes Then Stabilizes After Trump’s Pro-Crypto Executive Order

Bitcoin approached last week's peak, trading around $117,000 following a series of new executive orders from President Donald Trump on Thursday, including allowing crypto to be included in 401(k) retirement plans and banning the “debanking” of cryptocurrency-related projects.

Immediately after the announcement, the price $BTC increased by 2.3%, reaching $117,580, leading to nearly $300 million in short positions being liquidated – the highest in 3 weeks. Open interest in Bitcoin futures rose from $9.71 billion to over $10 billion, but quickly decreased back to previous levels, indicating strong profit-taking despite buyers still trying to maintain upward momentum.

Gerry O’Shea (Hashdex) noted that the White House's move signifies the “legalization” of crypto, creating long-term confidence, although the short-term price impact may be limited. He predicts that if the positive trend continues, Bitcoin could reach $140,000 this year.

Market signals indicate that although the bulls are under short-term pressure, Trump’s friendly policies have created an important foundation for the long-term rise of crypto. #anhbacong

Source: #Decrypt