Bitcoin has failed to record significant movements since last week, currently hovering above $105,000. In the eyes of investors, there is a strong basis to be satisfied which follows Bitcoin’s impressive gains at the start of the week.
As per CoinGecko, Bitcoin witnessed a scintillating peak of $108,786 prior to Donald Trump taking the oath, however, it has slid down post that gathering nearly 4% loss.
Even without a Bitcoin strategic reserve endorsement put forward by President Trump during his first crypto executive directive, Bitcoin comfortably rests at the three digit mark.
During the months after Trump won the elections in November, Bitcoin went beyond the $100,000 mark since Trump committed to assist in reducing regulation in the digital assets sector.
Without a doubt, he is keeping his promises in the crypto industry, even if it means making some hardcore Bitcoiners uncomfortable.
ETF Flush
This week, money kept pouring into the crypto investment vehicles after billions were invested into the funds prior to the inauguration.
However, that wasn’t the only thing shifting. According to Farside Investors, $802.6 million flowed into the capital on a Tuesday alone. By the week’s close, more than $1.75 billion invesed in Bitcoin ETFs.
The excitement is further propelled by Trump being highly reveiwed for the industry. The Republican during his elections claimed he would boost the industry and after the funds, purchasing Bitcoin has become simpler than ever.
Ross freed
For Bitcoiners, the closure of Silk Road’s founder Ross Ulbricht’s case came as a long awaited news from trump from the beginning of his campaign. On Tuesday, Trump granted Ulbricht freedom from the 40 years sentence issued in 2015.
Ulbricht, who was the enthusiast of Bitcoin and the dark web e-commerce site, operated under Bitcoin to enable the purchase of illegal drugs, was released soon after the pardon was granted. To show their immense gratitude, the crypto community quickly filled Trump’s digital wallet with BTC donations.
However, Ulbricht was sentenced in 2013 and that is now ‘sitting on goldmine’. Over $47 million in bitcoin is untouchably locked in wallets associated with the silk road that were never used.
Ulbricht earned the title of a hero for the Bitcoin community over a decade back when he created the first marketplace that provided bitcoin as a payment option. Though there is no proof that wallets in question do belong to him, I certainly wouldn’t say it is beyond the realm of possibility.
Where does Bitcoin currently stand?
As for Trump, prior to winning on the 5th of November, he had hinted at a bitcoin strategic reserve. That said, after the first executive order on crypto was signed on Thursday, after touching on the possibility of a crypto stockpile, Bitcoiners noticed one thing – there was no mention of their beloved orange coin, only “digital assets.”
“The Working Group shall assess the viability of establishing and sustaining a national repository of digital assets and propose criteria for the creation of such a stockpile, potentially based on cryptocurrencies legally captured by the Federal Government during its law enforcement activities, ” the order read.
The news has angered ardent Bitcoiners who have been hurling the usual insults about “shitcoinery”, and those who think that this may lead the government to building up a stash of other digital coins.
