Market updates
Trump’s Executive Order to Prioritize Crypto
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2025-01-17 | 5m
President-elect Donald Trump reportedly plans to sign an executive order making cryptocurrency a national priority upon re-entering office on January 20. According to Bloomberg, the order will direct regulatory agencies to collaborate with the crypto industry and establish a council to advocate for industry policies. While the final details are subject to change, the executive order aims to position the U.S. as a global "crypto capital," a promise Trump made during his campaign.
The New York Times reported that crypto executives have provided input to Trump’s crypto advisor, David Sacks, on the order, which may address multiple areas, including crypto-related banking and policy reforms. Additional measures under consideration include freezing crypto-related litigation, creating a government Bitcoin reserve, and reviewing ongoing cases at the Securities and Exchange Commission (SEC). Reports suggest the SEC may drop cases without fraud allegations, such as its long-standing lawsuit against Ripple Labs.
Advocates propose that a national Bitcoin reserve could serve as an inflation hedge and help reduce national debt. Current data indicates the U.S. holds $20.3 billion in seized cryptocurrencies, primarily Bitcoin. A bill led by Senator Cynthia Lummis suggests purchasing 1 million BTC, an investment exceeding $100 billion at current prices.
Source:
Cointelegraph
Futures Market Updates
In the past 24 hours, BTC and ETH futures have seen similar increases in open interest, with BTC rising 2.24% to $65.20B and ETH climbing 2.38% to $30.05B. BTC futures experienced a notable 5.14% increase in trading volume to $105.27B, while ETH futures saw a 2.99% decline in volume to $42.46B. Liquidations were more balanced for BTC, with $43.42M in longs and $50.57M in shorts, whereas ETH had a heavier skew towards long liquidations at $31.30M versus $14.06M in shorts. BTC's funding rate of 0.0113% slightly exceeded ETH's 0.0109%, reflecting more bullish sentiment. Additionally, BTC’s long/short ratio leaned bullish (50.62%/49.38%), contrasting with ETH’s slightly bearish ratio (49.26%/50.74%).
BTC Futures Updates
Total BTC Open Interest: $65.20B (+2.24%)
BTC Volume (24H): $105.27B (+5.14%)
BTC Liquidations (24H): $43.42M (Long)/$50.57M (Short)
Long/Short Ratio: 50.62%/49.38%
Funding Rate: 0.0113%
Ether Futures Updates
Total ETH Open Interest: $30.05B (+2.38%)
ETH Volume (24H): $42.46B (-2.99%)
ETH Liquidations (24H): $31.30M (Long)/$14.06M (Short)
Long/Short Ratio: 49.26%/50.74%
Funding Rate: 0.0109%
Top 3 OI Surges
RLB: $683.79K (+1194.49%)
XCN: $6.24M (+494.90%)
MORPHO: $110.32M (+161.78%)
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