TRUMP Token Climbs to 15th Largest Amid Tax Cut Speculation
The TRUMP token has surged to become the 15th largest cryptocurrency by market cap, fueled by rumors of upcoming tax cuts. Despite this growth, the token recently experienced a 31% price decline, highlighting its volatility.
đŁ Trumpâs pro-crypto pledge could see day-one executive orders, industry players hope
As President-elect Donald Trump prepares to take office, the U.S. crypto industry anticipates the issuance of pro-crypto executive orders on his first day. Industry leaders hope for initiatives like establishing a Bitcoin strategic reserve, improving access to banking services for crypto firms, and creating a regulatory council for the sector.
Key figures in Trump's administration, such as Stephen Miran and Paul Atkins, have been nominated to influential positions, signaling a shift towards a more favorable regulatory environment for cryptocurrency. Insiders believe that these measures could counter the current administration's regulatory approach and promote innovation in the U.S. crypto landscape.
đš Hawkish Fed Has Bitcoin Market Feeling Most Fearful in 3 Months
The Bitcoin market is experiencing its strongest bias for downside protection in three months, driven by hawkish remarks from the Federal Reserve. Following a recent interest rate cut, Chairman Jerome Powell expressed caution about future easing, which has dented bullish sentiment among traders. Data shows that put options are trading at their highest implied volatility premium relative to call options since September, indicating heightened demand for downside protection.
As Bitcoin prices dropped from around $105,000 to under $99,000, traders have been scrambling to hedge their positions. The Fed's projections now suggest only two rate cuts for 2025, down from earlier expectations, contributing to a negative sentiment in the market. Currently, Bitcoin is trading around $101,200, trying to recover from earlier losses.