On Friday, cryptocurrency markets experienced a slight increase, remaining below recent peaks despite President Donald Trump’s establishment of a new working group aimed at formulating long-anticipated regulations for the crypto industry and investigating the potential creation of a U.S. cryptocurrency reserve.
Since President Trump assumed office on Monday, Bitcoin has maintained relative stability, reaching a new all-time high of $106,149. As of Friday, it was trading around $103,933, as the initial excitement surrounding anticipated changes in cryptocurrency regulation began to diminish.
Bitcoin has emerged as one of the most notable “Trump trades,” surging by 50% to surpass the $100,000 mark and achieving new heights following Trump’s electoral victory in November. Trump has actively sought campaign contributions from the crypto sector, pledging to reverse the Biden administration’s restrictions on the industry and to position himself as a “crypto president.” This week, his administration took steps to fulfill that commitment.
In an executive order issued on Thursday, Trump emphasized the importance of the digital asset sector for U.S. innovation, established a working group to develop new regulatory frameworks, and considered the establishment of a cryptocurrency reserve. Additionally, the Securities and Exchange Commission (SEC) rescinded accounting guidance that the industry claimed had hindered crypto adoption. Although these initiatives lacked specific details, they appeared to mitigate some of the disappointment stemming from the absence of crypto reform in Trump’s initial announcements on Monday.
