Bitcoin News: Trump to Sign Executive Orders Supporting Crypto Industry

In a significant move for the cryptocurrency industry, former President Donald Trump is reportedly set to sign executive orders immediately after his inauguration aimed at bolstering the sector. These orders include the establishment of a Bitcoin reserve, the cessation of 'debanking' practices, and the nomination of Paul Atkins as the U.S. SEC Chair. Additionally, David Sacks will be appointed as the AI and crypto czar. The Washington Post has also indicated that Trump plans to repeal a controversial crypto accounting policy, signaling a potentially transformative period for the crypto market.

Trump to Sign Executive Orders Supporting Crypto Industry

Donald Trump is set to sign executive orders immediately after his inauguration to support the cryptocurrency industry. These orders include the establishment of a Bitcoin reserve, the end of 'debanking', and the nomination of Paul Atkins as the U.S. SEC Chair. Additionally, David Sacks will be appointed as the AI and crypto czar. The Washington Post reported that Trump plans to repeal a controversial crypto accounting policy that requires banks to count digital assets as liabilities. Venture capital billionaire Marc Andreessen and others are urging Trump to revoke Biden’s anti-crypto policies and establish regulations that reduce lawsuits and investigations against crypto companies.

Coinbase Reintroduces DeFi-Backed Bitcoin Loans for U.S. Users

Coinbase has announced the reintroduction of a lending feature that allows users in the United States, excluding New York, to borrow against their Bitcoin holdings. This feature, which was previously discontinued in 2023, enables users to borrow USDC without selling their Bitcoin. The service is powered by Morpho Labs and built on Base, with plans to expand to more collateral assets and regions in the future. This move is part of Coinbase's broader strategy to integrate decentralized finance (DeFi) solutions into its platform, emphasizing the growing trend of onchain finance.

Bitcoin Briefly Reclaims $100k Amid Cooler Inflation Data

Bitcoin [BTC] experienced a significant rally, briefly reclaiming the $100k mark after the release of cooler-than-expected U.S. inflation data. The Consumer Price Index (CPI) came in at 3.2% year-on-year, below the 3.3% forecasted by economists. This development alleviated some inflation fears and improved the market sentiment, which had previously dragged BTC below $90k. Despite this rally, the market still anticipates a 97% chance that the Federal Reserve will keep interest rates unchanged in the upcoming January meeting.

Senator Cynthia Lummis Questions US Decision to Sell Seized 70,000 Silk Road BTC

Senator Cynthia Lummis has raised concerns over the US government's decision to sell 70,000 BTC seized from the Silk Road darknet marketplace. In a letter to US Marshals Service Director Ronald L. Davis, Lummis questioned the timing, decision-making process, and transparency of the sale. The BTC holdings, estimated to be worth over $6 billion at current market prices, were seized in 2020 from an anonymous individual linked to Silk Road, which was dismantled in 2013 for facilitating illegal drug transactions. The US Department of Justice (DOJ) announced plans to sell the BTC holdings in early 2025 following a federal court ruling. Lummis also criticized the US Marshals Service's history of Bitcoin sales, describing it as underwhelming.

Bitcoin’s Declining Network Activity Could Keep BTC Price Under $100,000

A recent analysis by pseudonymous CryptoQuant analyst Yonsei_Dent highlights a significant decline in Bitcoin network activity, which is contributing to the cryptocurrency's price stagnation. The analyst observed a 'death cross' formation between Bitcoin’s 30-day moving average (30DMA) and the 365-day moving average (365DMA), indicating a slowdown in market activity. This pattern suggests a decrease in short-term investor engagement and trading activity on the network, which could prevent Bitcoin from reaching the $100,000 mark in the NEAR term.