Daily Crypto Signals: SEC’s New Crypto Task Force and Trump’s Actions Shake Up Digital Assets

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On January 21, the SEC established a new crypto task force under Commissioner Hester Peirce and President Trump pardoning Silk Road founder Ross Ulbricht concurrently influencing Dogecoin’s price via a government website launch and seeing notable movements on the crypto market.

Daily Crypto Signals: SEC's New Crypto Task Force and Trump's Actions Shake Up Digital Assets
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Establishing a specialized crypto task force headed by “Crypto Mom” Hester Peirce, the US Securities and Exchange Commission has made its first significant action towards regulatory clarification. Declared by Acting SEC Chairman Mark Uyeda, the project seeks to create unambiguous rules and offer reasonable routes of registration for digital assets. This move marks a significant shift from the previous administration’s approach under Gary Gensler.

Bitcoin Reclaims $105,000 After Minor Dip

BTC/USD

 

Following a little dip, Bitcoin BTC/USD showed resiliency by recovering above $105,000. Despite initial market anxiety about President Trump’s silence on crypto-related executive orders, the flagship bitcoin achieved an intra-day high of $107,240 exhibiting robust recovery. Comments made by Bank of America CEO Brian Moynihan at Davos, implying banks will accept crypto payments should regulatory clarity be given, further bolstering the bullish mood.

Ethereum Battles $3,500 Resistance

ETH/USD

 

Ethereum ETH/USD has struggled to keep momentum above $3,500; internal strife and notable declines in DApp activity have slowed down its performance. While rival networks like Solana witnessed notable increase, the platform saw a 38% decline in weekly volumes to $36.5 billion. Further fueling investor worries, recent leadership conflicts at the Ethereum Foundation arose following Vitalik Buterin’s declaration of unilateral control over the foundation’s leadership until changes create a suitable board.

Dogecoin Spikes Above $0.37

DOGE/USD

 

Rising over 11% to hit $0.38 following the Department of Government Efficiency (DOGE) website’s launch, which prominently incorporates the bitcoin logo, Dogecoin DOGE/USD emerged as one of the day’s greatest winners. Though it stays 48% behind its all-time high of $0.73, the memecoin touched $0.40 very momentarily. The price action was especially noteworthy since it showed a clear turn from past losses, therefore proving the ongoing impact of government-related events on the value of the token.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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