Ah, the grand spectacle of the crypto circus! On the 21st day of January, the markets erupted like a well-shaken bottle of champagne, with Bitcoin strutting back into the limelight, reclaiming much of the ground it had lost in a dramatic swoon just a day prior. One could almost hear the collective sigh of relief from traders, their nails bitten down to the quick, as they awaited the arrival of a certain orange-haired savior.
In the land of the free, where stock markets took a day off to honor the great Martin Luther King Jr., the opening bell rang with the enthusiasm of a child on Christmas morning. Traders, buoyed by the prospect of a Trump presidency that promised to be as friendly to business as a golden retriever is to a tennis ball, were ready to pounce.
Meanwhile, the US Dollar Index, that fickle beast, continued its descent, retreating 1.27% from a two-year high. As the year 2024 drew to a close, the air was thick with anxiety over the incoming Trump administration and various geopolitical shenanigans. The sharp rise in US Treasury yields and the DXY was a clear indication that the markets were feeling a bit jittery. But fear not! With the smooth transition from the Biden era to the Trump show, the DXY cooled off, much like a hot cup of tea left to sit too long.
Analysts, CEOs, and investment fund managers, those modern-day oracles, have been singing the praises of President Trump’s economic agenda. Their optimism was palpable, reflected in the S&P 500, DOW, and QQQ, which gained 1.21%, 0.82%, and 2.79%, respectively. It seems that the fear of tariffs had subsided, much like a bad hangover after a night of questionable decisions.
Bitcoin: The Resilient Phoenix or Just a Really Persistent Pigeon?
With the positive vibes swirling like confetti at a New Year’s party, Bitcoin decided to join the festivities, bouncing back with a 3.8% gain, reaching an intra-day high of $107,240. Alas, it fell short of its previous all-time high of $109,588, but hey, a rebound is a rebound, right? Especially after the crypto community expressed their disappointment over Trump’s conspicuous silence on crypto during his inauguration. Where’s the executive order, Donald? Did it get lost in the mail?
Despite Trump’s apparent backtracking on his promises to the crypto enthusiasts—many of whom generously filled his campaign coffers—there was a glimmer of hope from the White House on the 21st. The US Securities and Exchange Commission, in a move that could only be described as “better late than never,” announced the formation of a new crypto task force. Led by the ever-enthusiastic Commissioner Hester Peirce, this task force aims to develop a new framework for digital assets. Investors, like kids in a candy store, were thrilled by the appointment of Commissioner Mark Uyeda as the acting SEC chairman.
Bitcoin, ever the drama queen, seemed to respond positively to Bank of America CEO Brian Moynihan’s comments about making crypto payments “a real thing.” Oh, the irony! A bank talking about crypto like it’s the latest fashion trend.
During an interview at the World Economic Forum in Davos, Moynihan declared,
“We have hundreds of patents on blockchain already, we know how to enter the field.”
Ah, yes, the field of dreams where corporations buy Bitcoin and everyone lives happily ever after. Or do they?
The three sources of insatiable demand in 2025: Companies, ETFs, and Governments.
— Matt Hougan (@Matt_Hougan) January 6, 2025
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2025-01-22 01:31