Bitcoin hits record above $109,000 awaiting Trump

Richard Tengbinance CEO

Trump isn ... The House of Representatives and the Senate now [are] pro-crypto, compared to the past."

Teng said

Richard Tengbinance CEO

If you look at past cycles, this year will be a year that we see a new all-time high for the crypto industry,

Teng said in a fireside chat at the World Economic Forum in Davos, Switzerland

So, legislation will be passed, you have pro-crypto regulators being appointed to key commissioner roles in the SEC and CFTC,

Binance's CEO said

Richard Tengbinance CEO

The narrative [around crypto] has shifted quite drastically

Teng added,

We know he is for it. EOs aren't always the answer. We want it to be on the books as the law of the land and not just 4 years. Send it to Congress,

said one user

The crypto markets faced extreme volatility, with over $1 billion in liquidations in the past 24 hours. The long liquidations accounted for over $800 million, hinting at a steep shift in market sentiments, driving the Bitcoin price to lows below $100K from a new ATH above $109K. Altcoins like Cardano & Solana experienced a steep decline whereas Ethereum, XRP, and Dogecoin displayed some stability.”

CoinDCX Research Team noted

The market has some great expectations about a bitcoin strategic reserve and a loosening of regulations around digital assets, but it's more likely these developments will be drip-fed over a series of months rather than days. Bitcoin has already retreated ... We are expecting further volatility here and likely a selloff,

Dibb said

I think in the short term there's a chance this could be a sell-the-news event,

said Matthew Dibb, chief investment officer at crypto asset manager Astronaut Capital,

The digital asset market is disappointed to not have been mentioned in the inauguration speech or day 1 executive orders,

said Geoffrey Kendrick, global head of digital assets research at Standard Chartered

I suspect bitcoin will end up going lower so long as we get no news from Trump on digital assets. A break back below $100,000 seems inevitable,

he said

Pending more information on how Trump plans to achieve policy goals, certain investors have focused on the here and now, and that’s a world in which the new president embraces crypto currencies.

Mould said

There are expectations that crypto will be brought more into the financial mainstream, with clearer rules about how individuals and firms can trade such assets

Susannah Streeter, head of money and markets at broker Hargreaves Lansdown, said

Any delay could trigger a steep sell-off in crypto which is famously volatile.

Kathleen Brooks, a research director at online broker XTB, said

Markets will now be looking to see how he goes about implementing his proposed pro-crypto policies.

said Simon Peters, an analyst at trading platform eToro, adding

While it is true that there are significant differences in perception of digital assets in Korea, it is essential to consider that failing to prepare for the potential growth of the digital asset market poses an even greater risk,

Kim and Hwang added

We anticipate that Bitcoin will experience a period of consolidation until mid-March or early May, as financial markets, including Bitcoin, process the Fed's hawkish stance on inflation,

Markus Thielen, founder of 10x Research, said

A shift toward a hostile stance on crypto could occur if an economic crisis undermines the dollar’s position, particularly if capital flows into crypto or if the BRICS (Brazil, Russia, India, China and South Africa) financial system gains significant traction,

Messari noted

With the Republican Party now in control of both the Senate and the House of Representatives, the likelihood of passing various legislation to address regulatory uncertainties in the virtual asset market has significantly increased,

wrote Kim Kab-lae and Hwang Sei-woon, senior research fellows at Korea Capital Market Institute, in a recent report

Tom Lee (Florida politician)time market bull and Fundstrat head of research

Never in financial history has anything reached $2 trillion [in size and] disappeared."

Tom Lee, managing partner and the head of research at Fundstrat Global Advisors, touted Bitcoin, stating

The shift from regulatory uncertainty to a clear legal framework would likely encourage institutional adoption and further integrate digital assets into the traditional financial system,

crypto market intelligence firm Messari also wrote in its recent report