Breaking: Trump Bans CBDCs, Crypto Prices Soar 🚀🚀🚀

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Well, well, well. Look who’s trying to make America great again. That’s right, folks, our favorite ex-president, Donald J. Trump, has issued an executive order banning the creation of a central bank digital currency (CBDC) in the US. Can you believe it? The man who couldn’t even handle a pandemic is now dictating what kind of digital money we can have. 🙄

But hey, there’s some good news here. Crypto prices have bounced back after a bearish and highly volatile couple of days, with most cryptocurrencies trading in the green. Bitcoin (BTC) has recovered from its recent slump, rising nearly 3% over the past 24 hours and currently trading around $104,612. Ethereum (ETH) also registered a substantial recovery, rising over 4% to reclaim $3,300 and move to its current level of $3,330. 💰💰💰

And let’s not forget about the other cryptocurrencies that have registered substantial gains, like Ripple (XRP), Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Tron (TRX), Chainlink (LINK), Stellar (XLM), Toncoin (TON), Hedera (HBAR), and Polkadot (DOT). It’s like a crypto party out there! 🎉🎉🎉

So, what does this mean for the crypto market cap? Well, it’s currently sitting pretty at 3.57%, recording an increase of nearly 2%. Not too shabby, if you ask me. 🤑

But wait, there’s more! US President Donald Trump has ordered the creation of a cryptocurrency working group tasked with developing new digital asset regulations and exploring the creation of a cryptocurrency stockpile. I mean, who needs a CBDC when you can have your own crypto stash, am I right? 🤣

According to Nathan McCauley, CEO and co-founder of Anchorage Digital, “Today’s crypto executive order marks a sea change in U.S. digital asset policy. By taking a whole-of-government approach to crypto, the Administration is making a significant first step toward writing clear, consistent rules of the road.” 🚗🛣️

Tim Scott, Republican Chair of the Senate Banking Committee, added, “Just days into his administration, President Trump is delivering on his promises… to keep the United States a leader in digital assets innovation.” 🏆🏆🏆

And let’s not forget about the SEC. They’ve rescinded the controversial SAB 121 requirement for crypto accounting, which outlined strict disclosure requirements for financial institutions holding crypto on their books. It’s like they’re finally seeing the light! 🌞🌞🌞

But wait, there’s still some work to be done. Analysts believe further volatility lies ahead for Bitcoin (BTC), and traders could capitalize on significant price swings. Indicators suggest BTC, currently trading around $104,500, is like a coiled spring that could go in either direction. The indicator analysts are referring to is the 60-day price range, which represents the maximum and minimum price ticks in percentage terms. A tight range indicates stable market conditions. A Glassnode analysis shows BTC’s 60-day range is tighter than the current trading range. Historically, such conditions indicate significant volatility. 📈📉📈

So, what’s next for BTC? Well, it’s been trading in a steady upward trajectory since its collapse last week when it dipped to an intraday low of $89,397. It recovered over the next two sessions, rising above the 20 and 50-day SMAs and settling at $100,051 by Wednesday. However, it was back in the red on Thursday, dropping to an intraday low of $97,094 before settling at $99,798, registering only a marginal decline. Buyers returned to the market on Friday as BTC rose nearly 4% to surge past $100,000 and settle at $103,732. The price was back in the red on Saturday, dropping marginally on Saturday and then by 2.07% on Sunday to settle at $101,434. 📉📉📉

But don’t worry, folks. BTC started the current week facing significant volatility as it surged to a new all-time high on Monday, reaching $109,312. However, buyers lost momentum after reaching this level and the price fell to an intraday low of $99,516 before reclaiming $100,000 and settling at $102,408. Sellers attempted to drive BTC below $100,000 on Tuesday as it fell to an intraday low of $100,161. However, it recovered from this level to register an increase of nearly 4% and settle at $106,054. Despite strong momentum, BTC was back in the red on Wednesday, dropping 2.21% and settling at $103,715. 📉📉📉

Volatility returned to the market on Thursday as buyers and sellers sought to establish control. As a result, BTC rose to an intraday high of $106,913, and dropped to an intraday low of $101,290, before ultimately registering a marginal increase and settling at $104,004. The current session sees BTC up nearly 1% and trading just above $105,000. If buyers can maintain momentum, we could see BTC test its all-time high and potentially move beyond $110,000. 📈📈📈

Now, let’s talk about Ethereum (ETH). ETH is at the cusp of pushing above $3,400 after finally breaking past the 20-day SMA and a key resistance level. ETH faced significant volatility over the past few sessions as it struggled to stay above the 20-day SMA, with the price dipping below $3,300 during the ongoing week. Despite ETH’s recent volatility, it was bullish at the beginning of the previous week. The price surged past the 20-day SMA on Wednesday after registering an increase of nearly 7% and moving to $3,450. However, it could not stay at this level and dropped over 4% on Thursday, going below the 20-day SMA and settling at $3,308. Buyers returned to the market on Friday, pushing ETH up nearly 5% to $3,473. Bearish sentiment returned over the weekend as ETH dropped 4.84% on Saturday to slip below the 20-day SMA and settle at $3,305. 📉📉📉

Buyers attempted a recovery on Sunday as ETH rose to an intraday high of $3,446. However, it lost momentum after reaching this level, allowing sellers to push the price down 2.82% to $3,212. ETH rallied on Monday as it surged to an intraday high of $3,453. However, it quickly fell back and ultimately settled at $3,280, registering an increase of just over 2%. Buyers retained control on Tuesday, and ETH rose 1.44% to $3,3,27. The price could not move past the 20-day SMA and was back in the red on Wednesday, dropping 2.57% to $3,242. Buyers returned to the market on Thursday, and ETH registered an increase of 2.99% and settled at $3,339. ETH has crossed the 20-day SMA during the current session, up nearly 2% and trading around $3,395. 📈📈📈

Next up, Solana (SOL). SOL’s bull run stalled this week after encountering considerable volatility and selling pressure. As seen in the chart, SOL surged past the 20-day SMA on Wednesday and settled at $205. Bullish sentiment persisted despite volatility, and SOL moved past the 50-day SMA on Thursday and settled at $211. Buyers retained control on Friday, allowing SOL to move to $219. Bullish sentiment registered a substantial increase on Saturday as SOL surged an incredible 19.19% and settled at $261. Sunday saw SOL surge to an intraday high of $295 as bulls set their sights on $300. However, SOL lost momentum at this level and dropped nearly 4% to $252. 📉📉📉

Volatility and bearish sentiment persisted on Monday as SOL rose to an intraday high of $272 and dropped to an intraday low of $229 before ultimately settling at $241, registering a drop of just over 4%. Despite facing significant volatility, SOL rose 3.47% on Tuesday and settled at $250. Buyers retained control on Wednesday as SOL surged to an intraday high of $272. However, selling pressure at this level forced the price down, and SOL settled at $257, registering an increase of nearly 3%. Sellers returned to the market on Thursday as SOL dropped to an intraday low of $242 before recovering and settling at $253. The current session sees SOL up nearly 3% and trading around $260. 📈📈📈

Let’s not forget about Arbitrum (ARB). ARB is trading in a narrow range as it struggles to build momentum and push above the 20-day SMA, which acted as a dynamic resistance level. ARB crossed the 20-day SMA on Friday, rising nearly 8% and settling at $0.815. However, bearish sentiment returned on Saturday as the price fell below the 20-day SMA and settled at $0.766. Sellers retained control on Sunday, and ARB dropped nearly 9% to $0.698. Buyers attempted a recovery on Monday as ARB rose to an intraday high of $0.759. However, they could not sustain momentum, and ARB ultimately registered a marginal drop and settled at $0.697. 📉📉📉

Despite the bearish sentiment, ARB recovered on Tuesday, rising nearly 4% and settling at $0.722. The price fell back in the red on Wednesday, dropping just over 3% and settling at $0.70 before recovering on Friday and settling at $0.720. The current session sees ARB up by 1.29% and trading around $0.729 as buyers look to build momentum and test the resistance around the 20-day SMA. 📈📈📈

And last but not least, Ripple (XRP). XRP’s momentum halted over the weekend as bearish sentiment returned after it failed to push above $3.40. XRP was bullish last week and registered a substantial jump of nearly 18% on Wednesday to move past $3 and settle at $3.14. XRP faced significant volatility on Thursday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand, and XRP rose over 3% and settled at $3.24. Buyers retained control on Friday as the price rose 1.50% to $3.29. Despite the bullish sentiment, XRP fell over the weekend, dropping to an intraday low of $3.05 on Saturday before settling at $3.26, dropping almost 1%. Bearish sentiment intensified on Sunday as XRP plummeted below $3, falling 9.54% to $2.95. 📉📉📉

XRP recovered on Monday, surging to an intraday high of $3.36. However, it lost momentum after reaching this level and dropped to $3.10, registering an increase of nearly 5%. Buyers retained control on Tuesday as XRP registered a rise of 2.33% and moved to $3.17. XRP could only register a marginal increase on Wednesday before dropping nearly 2% on Thursday and settling at $3.11. The current session sees XRP up almost 2% and trading at $3.16. 📈📈📈

And lastly, Aptos (APT). APT is trading in a downward trajectory after failing to move past $10 over the weekend. After reaching $9.75 on Friday, APT dropped nearly 5% on Saturday and settled at $9.31. Sellers retained control on Sunday as APT dropped almost 9% to slip below the 20 and 200-day SMAs and settled at $8.49. Buyers attempted a recovery on Monday as APT rallied to an intraday high of $9.26. However, it lost momentum after reaching this level and ultimately dropped to $8.54, registering only a marginal increase. 📉📉📉

Buyers retained control on Tuesday, pushing APT up by 2.28% to $8,73. However, APT could not move past the 200-day SMA and was back in the red on Wednesday, dropping just over 3% to $8.47 and slipping below a key support level. The price continued to drop on Thursday, falling 1.60% to $8.33. The current session sees APT up nearly 2% as buyers look to reclaim $8.50. 📈📈📈

And lastly, Immutable (IMX). IMX slipped below the 20-day SMA over the weekend, dropping nearly 8% on Saturday and settling at $1.31. Selling pressure intensified on Sunday, with the price dropping almost 12% to $1.15. Despite the overwhelming bearish sentiment, IMX recovered on Monday, reaching an intraday high of $1.25 before settling at $1.19, registering an increase of nearly 3%. Buyers retained control on Tuesday, rising 4% and settling at $1.23. However, bearish sentiment returned on Wednesday as IMX dropped 4.50% and settled at $1.28. Market sentiment changed on Thursday, and IMX registered an increase of 2.28% to settle at $1.21. The current session sees IMX up just over 1% and trading around $1.22. 📈📈📈

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2025-01-24 13:09