2025-01-24 02:27:16 by Benzinga

Leading coins rose marginally on a day of cryptocurrency-friendly policies announced by the Donald Trump administration. CryptocurrencyGains +/-Price (Recorded at 8:15 p.m. ET)Bitcoin BTC/USD+0.41%$103,569.49Ethereum ETH/USD               +1.62%$3,299.95Dogecoin DOGE/USD          -3.09%$0.3484What Happened: Bitcoin recorded choppy momentum over the last 24 hours, surging to a high of $106,500 in the morning before falling to $103,000 by the evening. The morning rally was triggered by speculations of an executive order to create a strategic Bitcoin reserve. Eventually, Trump signed an order that will  evaluate the creation of a "strategic national digital asset stockpile." Additionally, a SEC directive that restricted banks' ability to custody cryptocurrencies was repealed. Ethereum surged more than Bitcoin, probably due to expectations of inclusion in the potential digital asset stockpile. More than $382 million was liquidated from the cryptocurrency market in the last 24 hours, with long liquidations accounting for $262 million. However, Bitcoin's rebound to $107,000 could liquidate nearly $368 million worth of short positions. More than 50% of trader accounts on Binance placed long positions on Bitcoin, suggesting expectations of a rebound. The market sentiment remained one of "Greed," according to the Crypto Fear & Greed Index. Top Gainers (24-Hours) CryptocurrencyGains +/-Price (Recorded at 8:15 p.m. ET)Mantle (MNT)+10.53%$1.22KuCoin Token (KCS)+7.71%$12.09Ethereum Classic (ETC)+5.94%$28.56The global cryptocurrency market capitalization stood at $3.56 trillion, contracting marginally by 0.17% in the last 24 hours. Stocks extended their winning streak on Thursday. The S&P 500 rallied 0.53% to close at a new record high of 6,118.71. The Dow Jones Industrial Average lifted 408.34 points, or 0.92%, to end at 44,565.07. The tech-focused Nasdaq Composite gained 0.22%, closing at 20,053.68. The bump comes after President Donald Trump advocated immediate cuts in interest rates during a virtual address at the World Economic Forum 2025. The market also possibly factored Trump's remarks that corporate taxes will be cut from 21% to 15% for companies that manufacture in the U.S. See More: Best Cryptocurrency Scanners Analyst Notes: Popular on-chain analytics firm Santiment highlighted the new all-time high for wallets holding between 100 and 1,000 BTC—one of Bitcoin's leading indicators. "This rise in key stakeholder confidence is yet another promising sign for a bullish 2025," the firm added. 🐳 Among Bitcoin's top leading indicators are the amount of wallets holding between 10 to 100 or 100 to 1,000 BTC. The latter group just broke an all-time high, with 15,777 such wallets. This rise in key stakeholder confidence is yet another promising sign for a bullish 2025. 🚀 pic.twitter.com/4ZPiowoSDf— Santiment (@santimentfeed) January 23, 2025Popular cryptocurrency trader Michaël van de Poppe set a price target of $500,000 per Bitcoin and $20,000 per Ethereum, owing to the latest cryptocurrency-friendly executive orders by President Trump. "The cycle has begun," he remarked. Photo by SvetlanaParnikova on Shutterstock Read Next:     Ivanka Trump Denounces Fake Crypto Coin Using Her Name Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.