The price of Bitcoin soared by 2.5% on Friday following US President Donald Trump’s signing of an executive order targeting cryptocurrency markets.
On Thursday, President Donald Trump signed plans that may involve creating a strategic Bitcoin reserve and setting regulatory frameworks for the cryptocurrency sector.
“The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our nation’s international leadership,” the executive order stated.
Trump had committed to these measures during his campaign, and the signing ceremony in the Oval Office was overseen by venture capitalist David Sacks and the president’s crypto and artificial intelligence advisor.
As of 0645 GMT, Bitcoin is priced around $104,736, and its market capitalization has increased to $2.07 trillion. In the last 24 hours, Bitcoin’s transaction volume reached $100.44 billion.
This month, Bitcoin achieved its highest-ever value of roughly $109,000, a milestone attributed to Trump’s inauguration. Ethereum prices climbed by 4% to $3,381 during the same period.
These gains came in the wake of Trump’s executive order, which aims to establish regulations and develop technologies to advance the cryptocurrency sector in the United States. The order also includes the formation of the Working Group on Digital Asset Markets, tasked with examining a national digital asset stockpile.
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