PakGazette– Bitcoin rose slightly on Friday, but a quiet end of the week was expected, since the cryptocurrencies only received a fleeting support from President Donald Trump’s plans for a more friendly regulation of cryptocurrencies.
The memecoin recently launched by the president, also extended its loss streak amid greater volatility after its launch last week.
While the appetite for the risk improved after Trump requested lower interest rates and pointed out a less severe position towards China, the operators seemed to be largely biased towards the actions.
The cryptocurrencados were also disappointed by the lack of clear details about a Trump order for the creation of a National Reserve of Digital Assets, which did not mention Bitcoin.
It rose 2.6% to 104,772.5 dollars at 00:23 hours (CET) (05:23 GMT). The cryptocurrency quoted below the historical maximums of more than $ 109,000 reached earlier this week, but also quoted above the minimums of the week.
Trump orders the creation of a group to write regulations on cryptocurrencies
Trump issued an executive order on Thursday asking for the formation of a working group aimed at writing new regulations on digital assets and exploring the potential of a national cryptocurrency reserve.
The order, to some extent, fulfilled Trump’s promises to quickly review the regulation of cryptocurrencies and create a more friendly environment for the industry. The order also prohibited the creation of digital currencies of central banks in the USA. And ordered that bank services be protected to encryption companies.
The working group under the Trump order will consist of officials from several branches of the government, including Treasury, the Trade Commission for Futures of Raw Materials and the Bag and Securities Commission.
But the order caused reactions found in cryptocurrencies, given that the order still did not provide clarity about what Trump’s policies will imply.
The merchants were not sure how Trump will create a national cryptographic reserve, since any measure that requires the approval of Congress will probably face the resistance of fiscally cautious legislators.
In addition, on Thursday the SEC rescinded an important accounting requirement for organizations that have digital assets (SEB 121), which required strict dissemination requirements for companies that provide digital asset custody services.
Price of cryptocurrencies today: optimistic altcoins, $ Trump losses are deepened
The prices of cryptocurrencies in general were mostly positive on Friday, although most tokens were aimed at a silent weekly ending. The world number 2 cryptocurrency rose 5.4% to $ 3,369.80, while rose 0.6% to $ 3,1571.
Among other Altcoins, and moved in a narrow range, while they rose 1%.
Among the meme tokens, 9% sank to 34,192 dollars, extending its streak of recent losses after a volatile launch last week.
While the launch of the Memecoin was initially applauded by the markets, which led the currency close to $ 80, since then it has had a trend markedly down. The high volatility of Token, together with the ethical concerns about the use of its influence by Trump to manipulate the markets, were the two most important points of the Memecoin, which had a market capital of more than 14 billion dollars at its peak.
Even so, the MEMCOIN probably reported to the president billions in paper profits.
