Bitcoin Booms as Trump Mulls Crypto Push

Bitcoin's price jumped on Friday, following reports that President-elect Donald Trump might issue an executive order to prioritize cryptocurrency. This comes after a Bloomberg report suggested Trump could form a crypto advisory council, giving the industry a voice in his administration. Shares of Coinbase and Robinhood also surged, with Coinbase up by about 5% and Robinhood by 4%. The price of Bitcoin was last trading at over $104, 780, a significant rise from its previous levels. The broader crypto market also saw gains, with the CoinDesk 20 index up by another 2%, following a 4% increase on Thursday. This rally comes as investors anticipate supportive policies from the new administration, which could boost innovation in the crypto industry.

In the past two days, Bitcoin ETFs have seen inflows exceeding $1 billion. The crypto market has been closely linked to stock market movements this year, with Bitcoin in a period of consolidation since late December. This consolidation was partly due to concerns about inflation raised by Federal Reserve chair Jerome Powell, which have since eased after recent cool inflation reports. Investors are optimistic that announcements from the incoming administration next week could drive Bitcoin to new record highs. JPMorgan analyst Kenneth Worthington noted that a new administration and SEC chairman could open doors for cryptocurrency innovation. However, he cautioned that the impact on the market might not be immediate. Bitcoin's all-time high stands at $108, 327. 01, reached on December 17. In 2025, Bitcoin has seen a 9% increase in its value so far.

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