The stars could not align more positively for cryptocurrencies in the US, the world’s largest economy, if the latest media reports are anything to go by. Still, one key indicator shows a lack of enthusiasm among American investors.
Late Thursday, Bloomberg reported that President-elect Donald Trump will likely issue an executive order announcing cryptocurrencies as a national imperative or priority with a say in his administration. Trump could also announce the creation of a cryptocurrency advisory that will defend the political goals of the digital asset industry.
The report comes amid heightened expectations that Trump will announce an executive order supporting the creation of a strategic bitcoin reserve on his first day in office.
Trump, once a crypto skeptic, embraced the industry in the run-up to the November election, raising hopes of easier regulations and widespread adoption of digital assets. On Friday, the cryptocurrency industry will host the “inaugural Crypto Ball” in support of Trump, hoping he will deliver on his election promises after taking office on January 20.
An executive order declaring the creation of a strategic bitcoin reserve a political priority would contrast sharply with the largely anti-cryptocurrency Biden administration, under which agencies took more than 100 enforcement actions against the industry.
Still, BTC is trading at a slight discount on the Nasdaq-listed Coinbase exchange relative to the Binance Holdings global exchange. It is a sign of the low demand in the United States for the leading cryptocurrency.
CryptoQuant’s chart shows the gyrations in the Coinbase premium indicator, which measures the spread between the price of BTC on Coinbase and Binance.
BTC’s November-December surge from $70,000 to over $108,000 was led by US investors, as evident from Coinbase’s steady premium over that period.
There are no comparable bullish prices yet on Coinbase, despite expectations of significant positive developments in the US. Perhaps much of Trump’s optimism was factored in during the November-December rally, and US traders are now hoping Let’s see if the incoming president will continue. in his promises.
BTC changed hands at $101,600 at the time of this publication. Prices have largely traded between $90,000 and $108,000 since mid-December, data from CoinDesk Indices shows.
