Bitcoin, Ethereum Rise, Dogecoin Dips Amid Trump Administration's Pro-Crypto Policies

On a day marked by supportive cryptocurrency policies from the Donald Trump administration, leading digital currencies experienced modest gains.

Cryptocurrency	Gains +/-	Price (Recorded at 8:15 p.m. ET)
Bitcoin BTC/USD	+0.41%	$103,569.49
Ethereum ETH/USD	+1.62%	$3,299.95
Dogecoin DOGE/USD	-3.09%	$0.3484

The situation for Bitcoin has been quite volatile over the past 24 hours, starting with a significant jump to a peak of $106,500 early in the day before settling back to $103,000 by nighttime.

This morning's surge was fueled by rumors surrounding an executive order that may lead to establishing a strategic Bitcoin reserve. Ultimately, Trump signed an order to assess the potential creation of a "strategic national digital asset stockpile." Additionally, the SEC moved to reverse a previous rule that limited banks from managing cryptocurrency holdings.

The rise in Ethereum was even more pronounced, likely due to strong expectations surrounding its possible inclusion in the forthcoming digital asset stockpile.

During this time frame, over $382 million in liquidations occurred across the cryptocurrency markets, with long positions comprising $262 million of that figure. However, if Bitcoin rebounds to $107,000, it could trigger an estimated $368 million in short liquidations.

Interestingly, more than 50% of trader accounts on Binance chose to go long on Bitcoin, which indicates a widespread belief in its impending price recovery.

The prevailing market sentiment, according to the Crypto Fear & Greed Index, leaned towards "Greed," showing a generally optimistic outlook among traders.

Top Gainers in the Last 24 Hours

Cryptocurrency	Gains +/-	Price (Recorded at 8:15 p.m. ET)
Mantle (MNT)	+10.53%	$1.22
KuCoin Token (KCS)	+7.71%	$12.09
Ethereum Classic (ETC)	+5.94%	$28.56

The overall cryptocurrency market capitalization is currently at $3.56 trillion, a slight decrease of 0.17% in the past day.

On the broader financial front, stock markets continued their upward trend. The S&P 500 saw a 0.53% increase, finishing at a record high of 6,118.71. The Dow Jones Industrial Average advanced by 408.34 points, or 0.92%, closing at 44,565.07, while the tech-heavy Nasdaq Composite rose 0.22% to end at 20,053.68.

This rise in stock performance comes after Trump proposed immediate interest rate cuts during a recent address at the World Economic Forum 2025. Furthermore, he hinted at lowering corporate taxes from 21% to 15% for U.S.-based manufacturing companies.

Analyst Insights

According to popular on-chain analytics firm Santiment, there has been an uptick in the number of wallets that hold between 100 and 1,000 BTC, which they consider a leading indicator of Bitcoin's market performance.

They noted, "This rise in key stakeholder confidence suggests a bullish outlook for 2025," emphasizing a growing sense of optimism.

Among Bitcoin's primary indicators is the count of wallets containing 10 to 100 or 100 to 1,000 BTC. The latter group has recently achieved an all-time high of 15,777 wallets. This uptick is yet another encouraging sign for a positive outlook in 2025.

Price Targets Set by Analysts

Notable cryptocurrency trader Michaël van de Poppe has expressed ambitious price targets, estimating Bitcoin could reach $500,000 and Ethereum could hit $20,000, fueled by the latest executive orders promoting cryptocurrency.

"The cycle has begun," he remarked, indicating a strong belief in a bullish trend ahead.

Photo by Svetlana Parnikova on Shutterstock

Conclusion

The recent developments in cryptocurrency policies by the Trump administration may lead to significant shifts in market dynamics, showcasing how regulatory environments can impact digital assets.

Bitcoin, Ethereum, Dogecoin