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Donald Trump Reaffirms Commitment To Make The US The Crypto Capital

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4 hours ago

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US President Donald Trump has again reaffirmed his commitment to making the US the world capital for crypto. The president also hinted at further rate cuts, which is bullish for the crypto market.

Donald Trump Vows To Make US World Capital Of Crypto

While addressing the World Economic Forum (WEF) at Davos, US President Donald Trump vowed to make the US the world capital of cryptocurrency and artificial intelligence (AI).

This again reaffirms the US president’s commitment to the crypto industry in the country as he looks to create a regulatory-friendly environment for this sector, signaling a shift from what was obtainable under Biden’s government.

Trump also called for immediate cutting of interest rates, which is bullish for the Bitcoin price and the broader crypto market. This undoubtedly provides some optimism for the market, especially considering that traders predicted there will be only one Fed rate cut this year.

Meanwhile, Donald Trump’s recent statement is also timely, considering that the US president failed to talk about crypto in his inaugural speech. His administration also failed to mention crypto as a priority in a document sent to lawmakers.

However, crypto is evidently still a priority for Donald Trump’s administration. Republican Senator Cynthia Lummis reaffirmed Congress’ commitment to the crypto industry while revealing her appointment as the Chair of the Digital Assets Subcommittee.

The main focus of the Subcommittee will be to ensure that Donald Trump’s promise of a Strategic Bitcoin Reserve becomes a reality. Lummis also proposed the Bitcoin Act, which will mandate the US to buy 1 million BTC over five years.

Peter Schiff Comments On Trump’s Speech

Bitcoin critic and renowned economist Peter Schiff used Donald Trump’s speech as an opportunity to take a dig at the flagship crypto. Schiff noted that the US president mentioned crypto in his speech, not Bitcoin.

He added that Trump did not distinguish between Bitcoin and his own meme coin, TRUMP. In line with this, the economist remarked that the US president is likely referring to asset-backed crypto, something that may actually have value, rather than “fiat cryptos like Bitcoin that have none.”

Despite Schiff’s remarks, it is worth mentioning that Donald Trump’s World Liberty Financial invested in Bitcoin, ETH, TRX, ENA, LINK, and AAVE amid the president’s inauguration on January 20.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Reasons Why Bitcoin, ETH, XRP, DOGE, SHIB Are Falling

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12 hours ago

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January 23, 2025

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The crypto market witnessed a selloff as bullish sentiment regarding Donald Trump’s inauguration faded. The global market cap tumbled over 3% to $3.52 trillion, with trading volume tanking 25% over the last 24 hours. The top crypto Bitcoin fell more than 3% to $102K as trading volume declined three-fold today as compared to Trump’s inauguration on Monday.

Ethereum price also fell 3%, continuing the weak sentiment seen last week. Meanwhile, XRP, Solana and other top altcoins mainly saw a 2-5% drop in the last 24 hours. Meme coin Dogecoin and Shiba Inu tumbled amid selloff by whales.

4 Reasons Why Bitcoin, Ethereum, and Altcoins Tumbled

1. Market Sentiments and Liquidations Triggered Crypto Market Selloff

Coinglass data revealed $250 million in crypto liquidations, with $153 million in liquidations occurring in the last 12 hours. Over 107K traders were liquidated in the past 24 hours, with the largest single liquidation order of BTCUSDT valued at $5.93 million on crypto exchange OKX.

BTC, SOL, ETH, DOGE, TRUMP, and XRP saw massive liquidations, which triggered selloff in the broader crypto market.

crypto market selloffcrypto market selloff
Source: Coinglass

The crypto market selloff was triggered as Trump didn’t mention crypto or Bitcoin in his speech, which faded positive sentiment. Also, the industry participants were awaiting an executive order on strategic Bitcoin reserves or crypto policy. However, the US SEC announced the Crypto Task Force led by Commissioner Hester Peirce to develop a clear regulatory framework for crypto assets.

Bank of Japan’s Interest Rate Hike Decision

The Bank of Japan expects to raise interest rates this Friday to the highest in 18 years, Bloomberg reported on January 23. A 25 bps rate hike to 0.5% by the BOJ would trigger Yen carry trade unwind, risking global liquidity and risk assets such as BTC.

The crypto market can see further selloff as the BOJ rate hike will wipe out optimism around “Trump trade” and meme coins launched by the Trump family. BTC saw sudden drops during the rate hikes by the BOJ last year.

US Fed Interest Rate Decision

The US Federal Reserve’s monetary policy decision and Jerome Powell’s comments will be the key for markets this year. The recent inflation and strong jobs market data have taken Fed rate cut odds off the table at this FOMC Meeting.

CME FedWatch tool indicates there is a 99.5% probability of the Fed keeping interest rate unchanged at 4.25%-4.50% during the January 29 meeting.

Meanwhile, the US dollar index (DXY) has again started climbing toward 109, with a 0.22% to 108.38 today. Also, the 10-year Treasury yield stays near 4.6% amid volatility due to the Trump tariff and other policy decisions. Typically, Bitcoin price moves in the opposite direction to DXY and Treasury yield.

Crypto Market Selloff: Bitcoin and Ethereum Options Expiry

As per Deribit, 29K BTC options of notional value $3 billion are set to expire, with a put-call ratio of 0.48. The max pain point is $99,000, indicating a high of another dropdown below $100K. Volatile price movements are always expected during options expiry.

Bitcoin optionsBitcoin options
Source: Deribit

BTC price currently trading at $102,467, down 3% from the 24-hour high of $105,557.

Moreover, 169K ETH options of notional value of almost $0.5 billion are set to expire, with a put-call ratio of 0.47. The max pain point is $3,300, which is higher than the current price of $3,220. Traders must keep an eye on drastic changes in trading volumes for further fall in ETH prices.

Ethereum optionsEthereum options

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Bitwise Files for Dogecoin ETF, DOGE Price To $15?

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20 hours ago

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January 23, 2025

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Bitwise has reportedly registered a legal entity for a Dogecoin ETF, creating speculation of an imminent filing with the United States Securities and Exchange Commission (SEC). This development briefly boosted the price of Dogecoin, which touched $0.373 before settling near $0.36 at the time of reporting.

Bitwise Moves Toward a Dogecoin ET Filing

According to information accessed on the Delaware corporate registration website, Bitwise has created a legal entity named “BITWISE DOGECOIN ETF.” This is not an official ETF filing with the SEC, but it is seen as a stepping stone to such a submission.

In most cases, ETF registrations are made after setting up the legal structure that follows the filing of Form S-1 with the SEC. Market participants are likely to see Bitwise submit the necessary documentation in the near future, with Dogecoin joining other digital assets that have been proposed for ETFs by issuers.

Bloomberg ETF analyst Eric Balchunas also confirmed this stating that; “This is real and not a market manipulation scheme.” Balchunas had estimated that a DOGE ETF could launch in as soon as April 2025 if it gets the green light.

DOGE Price Reaction and Whale Activity

News of the registration led to a slight increase in Dogecoins value, which spiked to 4% and trading at $0.373 before dropping back to $0.36. This announcement has garnered interest from institutional and retail investors, with more action expected from the price if an official ETF filing is made.

At the same time, whale activity has risen due to improving sentiment. According to data provided by Santiment, the majority holders have accumulated 590 million DOGE tokens in the last one day. To the excitement, the icon of Dogecoin has been displayed on the website of the newly formed U.S. Department of Government Efficiency or D.O.G.E. It was created by an executive order shortly after the inauguration of President Donald Trump on January 20, 2025.

ImageImage

Other technical analysts have also come up with possible price predictions for Dogecoin. Trader Mikybull posted a chart indicating a bullish flag pattern which could propel DOGE to $2 if the pattern is confirmed. Nonetheless, crypto analyst Ali Martinez anticipates that the price may rise to $15 if a Dogecoin ETF is granted approval.

Growing Momentum for Crypto ETFs

The potential filing of a Dogecoin ETF comes as the SEC has shown greater willingness to approve cryptocurrency-related funds. Bitcoin and Ethereum ETFs were recently greenlit, signaling a shift in regulatory attitudes.

The resignation of former SEC Chair Gary Gensler has further fueled speculation around the approval of spot cryptocurrency ETFs. Rex Osprey, an asset manager overseeing $8 billion, has also filed for a Dogecoin fund, adding to the momentum.

Observers believe a Dogecoin ETF would increase institutional adoption and provide retail investors with easier access to the cryptocurrency.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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WhiteBIT TR and Misyon Bank Sign Crypto Agreement—Details Inside

Published

1 day ago

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January 22, 2025

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WhiteBIT TR, established by Europe’s largest cryptocurrency exchange, has cracked a new partnership with a bank, that can help expand its reach going forward.

To be precise, the crypto exchange made a strategic partnership with Misyon Bank, a platform that aims to provide a secure transaction experience in the crypto world with its innovative solutions and reliable infrastructure.

Thanks to this latest collaboration, Misyon Bank will be able to connect with individual investors across Europe through WhiteBIT TR— its third major initiative of the latter in the digital assets space, following two global partnerships.

Details about this partnership

The agreement terms between MisyonTech, the financial technology and digital asset subsidiary of Misyon Bank, and WhiteBIT TR revealed that the latter will provide liquidity for major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), USDC, USDT, and Avalanche (AVAX), on Turkey’s first bank-secured crypto asset platform, which also features advanced tokenization capabilities.

The Capital Markets Board’s Crypto Asset Service Providers List lists Misyon Bank as the first Turkish institution authorized to provide both custody and platform services in the cryptocurrency space. This was highlighted by Emre Yetişkin, Chairman of the Board of WhiteBIT TR, during the signing ceremony.

Yetişkin said, “Turkey, as a regional leader in the crypto asset sector, also dominates stable cryptocurrency trading volumes in the region. We commend the progress Misyon Bank has made as a pioneer in Turkey’s digital asset space, aligning with global trends while showcasing a forward-thinking regional vision.” He further mentioned that they are proud to contribute to Misyon Bank’s journey as it advances toward its ambitious goals.

Notably, WhiteBIT TR offers more than 330 digital assets and 440 trading pairs to users. In just six months, it reached over 100,000 users in Turkey, where they have been operating since 2022 with a 100% compliance assurance.

Questions on digital asset regulation in Turkey answered

Additionally, Muhammet Cerit, CEO of MisyonTech, mentioned that the agreement they signed today with WhiteBIT TR is the first stage of their goal to reach individual investors in Europe. Cerit also responded to questions regarding Turkish laws governing digital assets during the signing ceremony.

He mentioned, “The initial regulations on digital assets in our country have strengthened Turkey’s position as a regional investment hub. We expect the completion of secondary regulations in the first month of 2025, which will also renew crypto investors’ confidence in the market. In this context, our platform is ready to meet the growing supply of crypto assets, both for custody and trading operations.”

To wrap up

Crypto adoption is rising at a fast pace globally, and WhiteBIT TR and Misyon Bank’s latest partnership is yet another example of this. The deal ensures liquidity for major cryptocurrencies on Turkey’s first bank-secured crypto platform, advancing Misyon Bank’s leadership in the digital asset space.

WhiteBIT Group is actively shaping the future of crypto-as-a-service for the business-to-business market, which includes WhiteBIT TR. With over 1,300 institutional clients at the moment, it is amenable to joint ventures with banks, digital payment companies, and other financial institutions.

Thus, the first debit card for cryptocurrency payments was just released by Visa and WhiteBIT. Financial institutions can boost functionality and open up new revenue streams by integrating crypto solutions into their operations. This includes giving customers the ability to store digital assets, create crypto wallets, buy cryptocurrency with fiat, and more. WhiteBIT Group is prepared to enter new partnerships and increase its market share abroad.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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