Trump’s Appointment of a Bitcoin-Friendly Economist Raises Bitcoin
Donald Trump appointed Bitcoin-supporting economist Stephen Miran to the Federal Reserve Board, fueling market expectations of a looser monetary policy. This development sent Bitcoin rising 2% to above $117,500. Miran’s appointment has fueled expectations that the Fed will adopt a less hawkish stance, while some analysts warn that the Fed’s loss of independence could create a long-term inflation risk.
Analysts say Bitcoin could gain value as a safe haven against inflation, especially given that inflation remains high and other economic signals (weak Treasury bond auctions, rising gold prices) are accumulating. However, they point out that the cryptocurrency market is small compared to traditional assets, which presents a potential bullish opportunity for Bitcoin.
SEC’s Ripple Lawsuit Officially Over
The lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, which has been ongoing since 2020, has concluded. The SEC had accused Ripple of violating securities laws in the sale of its XRP token. However, following a decision made in 2023, the SEC and Ripple withdrew their objections and ended the lawsuit. Following this development, XRP gained 5% to $3.27.
Ripple CEO Brad Garlinghouse announced that the parties decided to withdraw their objections in 2024. The court ruled that Ripple’s sale of XRP to institutional investors constituted legal violations, leading to a $125 million fine and a ban. The legal process, which began with former SEC Chairman Jay Clayton’s lawsuit against Ripple in 2020, gained momentum after Trump was reinstated, and the SEC has now finalized a series of lawsuits targeting crypto companies.
Trump Signs Executive Order Allowing Investments in Digital Assets in 401(k) Retirement Plans
President Donald Trump signed an executive order on Thursday directing the Labor Department to allow cryptocurrency, private equity, and other alternative assets to be offered in 401(k) retirement plans. The order will direct the SEC, the Treasury Secretary, and other relevant federal agencies to work in this direction. This step is seen as part of the Trump administration’s efforts to make digital assets accessible to investors.
Trump has previously signed a series of executive orders encouraging the addition of alternative assets to retirement plans. Last January, he signed an executive order aimed at bolstering US leadership in the cryptocurrency space and subsequently published a report on how to regulate digital assets. This new step demonstrates ongoing efforts to provide investors with access to digital assets, but the Biden administration has expressed concerns that crypto investments need to be handled with caution.
Trump Signs Executive Order “Fighting Unfair Banking” on Crypto
President Donald Trump signed an executive order on Thursday aimed at preventing individuals or companies from being denied banking services because of their religious or political beliefs. The order is being considered a significant step against “unfair banking practices” targeting the digital assets industry. The executive order directs regulators such as the Federal Reserve, OCC, and FDIC not to impose restrictions on the crypto sector due to reputational risk and calls for scrutiny of such practices.
The move is seen as a response to what Trump previously described as “Operation Choke Point 2.0,” which some groups in the industry claimed was unfairly closing their accounts. The order imposes stricter oversight to prevent banks from rejecting customers based on their beliefs. Crypto firms and conservative groups hailed the executive order as a major victory.
Chainlink Establishes LINK Reserve System
Chainlink announced the Chainlink Reserve, a new on-chain reserve system powered by service revenues from both decentralized finance (DeFi) and large enterprises. This system uses Payment Abstraction technology to collect revenues in any token and automatically convert them into LINK tokens. Currently, more than $1 million worth of LINK tokens have been initially accumulated in reserves.
Chainlink is launching this new reserve system to make the platform’s economic model more sustainable and reduce operational costs. The fact that reserve tokens will not be withdrawn for several years will allow the value of LINK tokens to further increase. This system is seen as an important strategic step for the large enterprises and protocols powering Chainlink’s network.
SharpLink Raises $200 Million in Ethereum Reserves
SharpLink Gaming continues to rapidly grow its Ethereum (ETH) reserves, raising $200 million from inter-institutional investors. This fund aims to increase the company’s total reserves to surpass $2 billion by continuing its ETH acquisitions. SharpLink acquired $540 million worth of Ethereum in just two months, currently holding 521,939 ETH, making it the second-largest institutional holder of ETH.
The core of this strategy is using Ethereum as a long-term “infrastructure reserve.” By staking all its ETH, the company aims to gain greater exposure to the DeFi ecosystem and plans to increase its reserves with staking rewards. SharpLink’s move stands out as an example of how tech companies are starting to use crypto assets not just as speculative investments but as the foundation of their institutional financial infrastructure.
Fundamental Global May Purchase $5 Billion in ETH
Fundamental Global has filed a shelf registration with the SEC, granting it the right to offer up to $5 billion worth of securities over time. This move signals that the company could increase its Ethereum (ETH) holdings on a large scale. According to the company’s latest statement, the funds raised will be used for ETH purchasing, staking, and DeFi strategies.
If exactly $5 billion is allocated to ETH, that amount would significantly outstrip the current public Ethereum reserves. This strategy, similar to MicroStrategy’s Bitcoin acquisition model, is on track to become one of a number of new companies directly holding Ethereum on corporate balance sheets.
Ripple Acquires Rail for $200 Million for Stablecoin Payments
Ripple announced that it will acquire the Rail payments platform for $200 million to expand its stablecoin payments offering. This move aims to strengthen Ripple’s digital asset infrastructure, allowing customers to pay with stablecoins without needing to hold cryptocurrency. In addition, payments will be made with digital assets such as Ripple USD (RLUSD) and XRP.
The acquisition will increase Rail’s share in the global stablecoin payments market, and it is predicted that the market will reach $36 billion by 2025. With this step, Ripple accelerates its growth in the stablecoin sector while also continuing its plans to obtain a MiCA license to comply with regulatory developments in Europe.
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BITCOIN (BTC)
Bitcoin is trading at $116,692 as of the morning hours, losing 0.66%. If the pullback continues for BTC, which continues to move within the channel, the $115,804 and $113,827 levels should be watched respectively. These levels could act as support and create buying opportunities. If these support levels break, $111.924 could be watched as a new buy zone.
The price is currently at $116.692, with immediate resistance at $118.175. If this level is exceeded in a possible positive trend, the $ 120,217 level can be targeted.
ETHEREUM(ETH)
ETH is priced at $ 3,900 as of the morning hours with a 0.25% loss in value. If the positive trend continues for Ethereum, it may test the 3,978 and 4,105 levels. A break of the 4,105 level may provide an opportunity for higher targets.
In the downward movements, first $ 3,867, then 3,756 and 3,671 are support. It can be expected to hold on to these levels during pullbacks.
RIPPLE(XRP)
XRP is priced at $3.31 with a 0.05% loss in value as of the morning hours. It is currently trading close to the critical resistance level at 3.3976. If this level is broken in a possible positive trend, the next targets will be 3.5106 and 3.6107.
On the downside, first 3.2824, then 3.1506 and 3.0519 can be monitored as important supports. A drop below these levels could lead to a deeper correction, and the 2.9162 and 2.8335 levels could be tested.
AVALANCHE(AVAX)
AVAX is traded at $23.09 with a 1.14% loss as of the morning hours. AVAX is approaching an important support area. The support at 22.86 stands out as the first line of defense in the downward movement of the price. Below this level, 22.02 and 21.43 levels can be watched as the next support areas.
In the upward movements, the resistance at 23.50 can be tested. If this level is broken, the 23.89 and 24.75 levels can be targeted. Above, the 26.00 and 26.53 levels stand out as strong resistances.
SOLANA(SOL)
SOL is traded at $174.66 as of the morning hours with a loss of 0.42%. Support points below this level can be watched as the $169-166 dollar zone and $162.
If the current price continues to stay above the 173.71 support level, the $177.70 resistance level can be tested. If the price breaks the $177 level, $184.95 appears to be a significant resistance level.
