Bitcoin Rises on Trump Cryptocurrency Policy Expectations

블록스트리트 등록 2025-01-17 17:19 수정 2025-01-17 17:20

Bloomberg "Trump Is Likely to Prioritize Cryptocurrency"
BTC Hits High Above $100,000...Altcoins Rises Higher
Glassnode "BTC Is on Bull Market Y"…Representing MVRV Z

Bitcoin Rises on Trump Cryptocurrency Policy Expectations
The price of Bitcoin(BTC) rose in anticipation of the Trump administration's cryptocurrency policy. Bitcoin continued to strengthen, maintaining its price above $100,000 as of Jan. 17.

On Jan. 17, there were a lot of favorable factors that Trump would actively participate in the cryptocurrency market.

The New York Post reported that Trump recently met with the founders of XRP, SOL and USDC to discuss strategically stockpiling U.S.-made cryptocurrencies.

Bloomberg said the Trump administration is preparing an executive order to make cryptocurrencies a national priority after taking office, and is pushing to lift SAB 121 and form a council to foster the cryptocurrency industry.

After a series of good news was reported, altcoins actually recorded a rise of more than 5%, creating a clear uptrend.

◇Bitcoin = Bitcoin price is $101,676 at 4:30 p.m. on Jan. 17, 2025. The Bitcoin share(dominance) was 53.98%.

The long(up) and short(down) betting ratios in the Bitcoin futures market stood at 46.12% and 53.88%, according to the on-chain analytics platform Sigbtc.

Glassnode, an on-chain analysis company, announced in a report on the 16th that Bitcoin's upside is still ongoing based on Bitcoin's "MVRV Z-score."

Glassnode set the price of Bitcoin at a high of $113,000, two MVRV Z-scores higher than the last year's realized average price of $91,000. The company also analyzed that Bitcoin remains strong as long as it trades above $91,000.

Based on this analysis, Glassnode argued that Bitcoin is still on the rise as of now trading around $100,000.

◇Upward Coin = The cryptocurrency that recorded the largest increase from the previous trading day at 4:30 p.m. on Jan. 17 was VeChain(VET), which rose about 14%.

VeChain is a blockchain-based supply chain platform. VeChain, which launched its service in June 2016, aims to create an ecosystem that solves major problems related to supply chain management by utilizing distributed governance and Internet of Things (IoT) technology.

◇Fear Greed Index = The cryptocurrency fear-greed index provided by Alternative has entered the 'Greed' phase with 75 points. The Greed phase is a phase where price volatility and trading volume increase, and the price increases. As it is highly likely to form a short-term high, caution should be taken in selling.

The cryptocurrency relative strength index(RSI) provided by Sigbtc was 69.3, which was in a 'neutral' state. RSI sets the relative strength between the upward and downward pressure of a specific asset price and is an indicator of a measure of over-purchasing and over-selling of a specific asset.

권승원 기자 ksw@blockstreet.co.kr