After a sharp rise on the day of U.S. President Donald Trump's inauguration, Bitcoin tried to stabilize on Thursday (January 23) and is currently trading around $102,000. The U.S. Securities and Exchange Commission launched a cryptocurrency task force, a decision that is bound to affect the industry. In addition, Musk sought a pardon from U.S. President Trump for "Bitcoin Jesus."
According to data from global market tracking website CoinMarketCap, as of press time on the 23rd, Bitcoin was trading at $102,229, down 1.35% from the previous day, but up 4% in the past week.
Bitcoin hit an all-time high of $109,000 before Trump’s inauguration, but fell to $101,000 after the inauguration. Although it recovered to $106,000 within a day, it is now trending downward again.
The trading price of Ethereum, the second-largest cryptocurrency by market capitalization, is $3,279, down 1% in the past day and down 2% in the past week. On the other hand, XRP's trading price is $3.16, up 7.5% in the past week.
Meanwhile, Trump's 'meme coin'—a virtual currency called 'Official Trump' that experiences extreme price fluctuations due to trends—currently has a trading price of $38.20. After Trump personally introduced the coin on social media (SNS) just three days before his inauguration, its price skyrocketed by over 18,000% in one day, rising from less than 20 cents to around $75. Since Trump's inauguration, the price of 'Official Trump' has hovered around $30.
SEC launches cryptocurrency task force
In a significant decision impacting the industry, acting SEC Chairman Mark Uyeda has launched a cryptocurrency task force aimed at developing a clear regulatory framework for digital assets.
Notable crypto policy supporter Hester Peirce will lead this initiative. Acting Chairman Uyeda stated, 'I look forward to Commissioner Peirce leading the work on cryptocurrency regulatory policy, which will involve multiple SEC divisions and offices.'
President Trump recently took the oath of office as the 47th President of the United States and appointed Mark Uyeda as acting SEC Chairman until the Senate confirms Paul Atkins as the official head of the agency.
Under the newly established task force, the long-standing regulatory ambiguity in the digital asset space is expected to be addressed. According to new directives from the Trump administration, the agency stated that its previous reliance on enforcement actions led to confusion and hindered innovation, leaving many industry participants in a state of legal ambiguity.
This approach by the Trump administration sharply contrasts with the policies of former President Joe Biden. Under the Biden administration, former SEC Chairman Gary Gensler was viewed as hostile towards the crypto industry. Gensler blocked the approval of cryptocurrency exchange-traded funds (ETFs) and took aggressive enforcement actions, creating uncertainty in the market.
Bitcoin reacted positively to this news, showing a 2% increase to reach $107,147. The SEC emphasized the importance of public opinion, stating that the task force will hold hearings and seek feedback from investors, scholars, and industry participants. The task force plans to align regulatory standards with federal and international agencies, including the Commodity Futures Trading Commission.
Under Hester Peirce's leadership, the crypto industry may ultimately usher in a more transparent and innovation-supportive regulatory environment. From a technical analysis perspective, Bitcoin is currently in a clear upward trend, with prices having broken through the $91,000 support level and above the 50-day and 200-day moving averages.
On the other hand, Ethereum has been consolidating in a range since December 22, trading between the $3,105 support level and the $3,691 resistance level. XRP has maintained an upward trend since breaking through the $2.6 resistance level on January 15.
Musk seeks Trump's pardon for 'Bitcoin Jesus'
In other industry news, billionaire Musk recently praised President Trump for pardoning the founder of the dark web drug marketplace, Ross Ulbricht, and recently stated that he is seeking a pardon for Roger Ver, known as 'Bitcoin Jesus.' Ver was arrested in Spain last April on charges of fraud and tax evasion.
On January 21, Musk stated on social media that he would propose the possibility of a pardon for Ver to President Trump. Musk's influence may play a key role in shaping public opinion and could impact political considerations regarding the Ver case.
Speculation about further pardons from Trump has intensified. According to betting markets like Polymarket, Ver's chances of receiving a pardon from Trump within the first 100 days of his presidency have risen from 29% to 33%. The pardoning of Ulbricht and Musk's comments on Ver likely explain these odds.