Bitcoin rises to $105k as SEC plans for crypto regulations under Trump

From Investing.com

January 22, 2025 01:16 AM:

Bitcoin rose after the SEC announced new crypto regulations, boosting confidence in Trump’s pro-crypto stance. The world’s biggest cryptocurrency hit a record high of $109,000 before Trump’s inauguration. Trump is expected to issue executive orders to reduce regulatory scrutiny of crypto and increase digital asset adoption.

The SEC unveiled a task force to draft crypto regulations, led by acting Chair Mark Uyeda appointed by Trump. The task force will assist in drafting crypto-related legislation for other agencies. Trump’s pro-crypto stance is expected to see the SEC drop lawsuits against major crypto firms like Coinbase.

Trump confirmed his involvement in the $TRUMP memecoin, dismissing questions about its performance. The memecoin’s volatility and launch of $MELANIA raised ethical concerns about Trump using his influence for speculative assets. $TRUMP traded up nearly 28% at $43.068 on Wednesday.

Altcoins rose alongside Bitcoin, with Ethereum up 3.1% to $3,323.10 and Binance Coin up 4.5%. Dogecoin, Cardano, and Solana saw gains between 5% and 11%, while memecoin Shiba Inu rose 9.1%. Broader market volatility increased post-memecoin launch.

Read more at Investing.com: recovers to $105k as Trump’s SEC prepares crypto policies By Investing.com