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20 Jan, 2025

Bitcoin grinding, bumping

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*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 20th January 2025.

The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.

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What’s up

Bitcoin Hits New ATH

On a frosty Monday in the Northeast, Bitcoin blazed to roughly $109,000, a new all-time high. The run to the record comes after BTC surpassed $100,000 only a few days prior, and amidst intense volatility over the past 24 hours, and with President-Elect Donald Trump about to take office.

As of 10:15 a.m. (EST), the largest crypto was $107,300, up 17% since last Monday.

Meanwhile, the Trump/Truth Social memecoin, Official Trump (TRUMP), born on the 18th of January, initially was doing doodle-dandy type things, rising from $4 to $73, while amassing a market capitalization of $13.4 billion. And this led to TRUMP, for a brief time, being the 19th-largest digital asset.

Solana, the network on which TRUMP runs, yesterday saw its native SOL hit an all-time high of $293, according to CoinGecko.

What's down

TRUMP Memecoin Dumps

Just a few hours ahead of Trump's inauguration today, his social media company's freshly minted TRUMP memecoin started dumping. As of 8:30 a.m. (EST), TRUMP was $47 after losing 35% in 24 hours. But by 9:50 a.m. (EST), TRUMP was back above $50, according to CoinGecko.

Another noteworthy slider is SOL which at one point earlier this morning had declined 13% since hitting its ATH.

Bitcoin threw traders for a loop on Sunday: shooting higher in the afternoon; then flopping in the evening as crypto market liquidations reached over $1 billion; and then surging through the wee hours of Monday with a kind of Inauguration Day fever taking hold.

The swift leg down yesterday for a time seemed to mirror a market pullback seen on Jan. 7, one that resulted in BTC dropping by about 6% in a matter of hours, part of a downturn that lasted for a week. Last night's slump lasted merely hours.

Crypto has a singular spotlight under which to leave a mark. The U.S. stock market is closed today in observance of Trump's inauguration and also in observance of Martin Luther King Jr. Day.

What's next

Bitcoin In Midst Of A Historic Moment

On the campaign trail this summer, Trump promised the U.S. government would stockpile Bitcoin.

Crypto advocates are holding him to his word. Literally, some industry members went ahead and posted, online, a draft executive order to establish a “Strategic Bitcoin Reserve.”

The draft version, per the Associated Press, calls for the Treasury Department to eventually hold at least $21 billion in BTC. Traders seem to be buying the "rumor" as BTC finds itself reacquainted with record high levels after several days of head-scratching volatility.

Just in the past 24 hours, the largest crypto has been as low as $99,700 and as high as $109,000.

After getting sworn in as the 47th U.S. president at noon today, Trump is expected to sign a slew of presidential executive actions, including one to delay the ban of TikTok in the United States, and, possibly, another one designating crypto as a "national priority."

Bloomberg, citing people in the know, said this latter, sweeping crypto order would mean simply that regulatory agencies would be "guided to work with the industry." Nebulous phrasing aside, the tone is at least being set, and it is in stark contrast relative to the outgoing Biden administration, widely viewed as hostile to the industry. Trump's order could also create a "crypto council" to advocate the industry’s policy wishes, according to Bloomberg.

Positivity is in the air. Call it another Trump bump. Some wishful thinking would seem to be at play. Analysts of varying stripes are voicing a full range of outlooks for the year ahead.

Crypto trader “Bluntz” said on X that there were “top signs everywhere.”

Cointelegraph, citing the co-founder of DecenTrader, said BTC is on track for $180K in 2025.

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