Synopsis
Bitcoin surged 3% to $105,000 following U.S. President Trump’s executive order on cryptocurrency, which includes creating a working group for digital asset regulations and protecting crypto companies’ banking services. The order also prohibits central bank digital currencies (CBDCs). Other cryptocurrencies like Ethereum, Solana, and XRP also saw gains, pushing the global crypto market capitalization to $3.61 trillion.
Bitcoin (BTC), the world’s largest cryptocurrency, surged by 3% to reach the $105,000 mark in Friday’s trading following an executive order from U.S. President Donald Trump.
On Thursday, Trump directed the creation of a cryptocurrency working group tasked with proposing new digital asset regulations and exploring the possibility of establishing a national cryptocurrency stockpile. This move fulfilled his promise to quickly overhaul U.S. crypto policy.
The executive order also instructed the protection of banking services for crypto companies, addressing concerns that U.S. regulators had previously pressured banks to sever ties with crypto businesses—a claim that regulators have denied. Furthermore, the order prohibits the creation of central bank digital currencies (CBDCs) in the U.S., which could compete with existing cryptocurrencies.
Crypto Tracker
TOP COIN SETSSmart Contract Tracker1.04% BuyBTC 50 :: ETH 500.52% BuyWeb3 Tracker-8.97% BuyAI Tracker-10.19% BuyNFT & Metaverse Tracker-15.18% BuyTOP COINS (₹) Ethereum293,627 (5.51%)BuySolana22,501 (4.11%)BuyBitcoin9,060,807 (1.94%)BuyXRP273 (0.51%)BuyTether86 (-0.23%)BuyThe announcement was met with approval from the crypto industry, which had been urging the administration to send a clear signal of support during Trump’s first days in office.
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The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
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As of 11:08 AM IST, Bitcoin was trading at $104,971, up by 2.8%, after reaching an intraday high of $106,820. Ethereum also saw a surge, rising 5% to $3,376. The global cryptocurrency market capitalization increased by 2.65%, reaching $3.61 trillion.
Other major altcoins followed suit. Solana rose by 4%, XRP by 1%, Dogecoin by 1.3%, Cardano by 3.5%, and Chainlink by 5.2%. Additionally, Tron, Avalanche, Stellar, and Hedera also posted gains.
“The cryptocurrency market has reacted positively to President Trump’s executive order, which aims to establish a supportive regulatory framework for digital assets in the U.S.,” said Shivam Thakral, CEO of BuyUcoin.
Vikram Subburaj, CEO of Giottus, commented, “Trump’s executive orders on a Bitcoin reserve and the formation of a crypto working group have significantly influenced market movements. If a reserve is established, BTC could quickly approach $110,000 and beyond.”
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The volume of stablecoins now stands at $189.11 billion, accounting for 91.79% of the total 24-hour crypto market volume, according to data from .
In the past 24 hours, Bitcoin’s market capitalization surged to $2.079 trillion. Currently, Bitcoin’s dominance in the market is 57.49%, with BTC’s 24-hour trading volume rising by 73.5% to $100.98 billion.
(With inputs from agencies)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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