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The cryptocurrency market saw a notable surge on Saturday. Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD all experienced a rise in value, as traders anticipate a potential ‘Trump bump’ with the upcoming second Donald Trump presidency.
What Happened: The crypto market sprung to life on the final trading day before the Trump administration takes over. Bitcoin spearheaded the rally, surging 2.81% and almost touching $104,987 per token. Ethereum (ETH -0.22%) and Dogecoin (DOGE -0.16%) also saw gains.
There is widespread speculation that President-elect Trump will prioritize cryptocurrency, with rumors of an executive order on his first day in office. This might include the appointment of a more crypto-friendly chairman for the Securities and Exchange Commission.
However, traders are advised to be cautious of the speed of policy changes in Washington. While changes to the industry’s rules may require congressional action, this doesn’t necessarily translate to a direct value gain for meme coins and blockchain tokens.
Instead, it could lead to assets like stocks and bonds trading on the blockchain and more business formation taking place on the blockchain.
