Bitcoin prices saw a slight upward movement on Wednesday, settling below recent highs as markets awaited further guidance on U.S. monetary policy and the impact of Donald Trump’s administration on the cryptocurrency markets.
Bitcoin rose by 0.3%, reaching $96,418.1, remaining within the range of $90,000 to $100,000 that has been established over the past few weeks. Despite the sharp increase following Trump’s victory in the 2024 presidential elections, Bitcoin was unable to break the $100,000 barrier.
Markets are eagerly awaiting details on the policies that Trump’s administration may adopt towards cryptocurrencies, with the elected president indicating a more lenient stance towards the sector. He had previously pledged to make the United States the global hub for cryptocurrencies, even proposing the idea of establishing a national Bitcoin reserve, which has fueled hopes that the crypto market will become more stable and developed under his leadership.
It seems that the formation of Trump’s future cabinet is heading in the same direction, especially with the nomination of figures who support positive stances on cryptocurrencies, such as the selection of the Treasury Secretary and the Commerce Secretary, both known for their support of the sector. Reports also suggest that Trump plans to shift crypto regulation from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC), reflecting the administration’s intent to reduce regulatory constraints on the sector.
As for the rest of the cryptocurrency markets, prices for many coins remained stable, with slight fluctuations. Caution prevailed among traders as they awaited new cues from the U.S. Federal Reserve regarding interest rates. Jerome Powell, the Chairman of the Federal Reserve, was expected to give a speech later on Wednesday, while non-farm payroll data is due to be released on Friday, which will provide insights into the U.S. economic situation and its impact on monetary policy.
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, rose by 0.9% to $3,666.0, reflecting stable demand. On the other hand, XRP fell by 1% to $2.6010 after a strong rally in recent days.
Meanwhile, Solana rose by 3.9%, continuing its positive performance, while Cardano dropped by 5.4%, showing the significant variation in altcoin performance. Polygon (MATIC) traded sideways.
