CoinDesk Podcast Network COINDESK DAILY: Bitcoin Flat Despite Pro-Crypto Trump Exec Order
Jan 24, 2025
Christine Lee dissects the latest crypto developments, including Trump's pro-crypto executive order aimed at positioning the U.S. as a global leader. BlackRock's CEO foresees Bitcoin reaching over $700,000, yet despite these bullish signals, Bitcoin's market remains flat. The analysis delves into how global financial trends and shifting interest rates affect the crypto landscape, highlighting a paradox where positive news doesn't translate to price surges.
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Bitcoin's Flat Response to Positive News
- Bitcoin's price remained stagnant despite President Trump's pro-crypto executive order and positive remarks.
- This tepid response contrasts with the generally positive news surrounding the crypto industry.
BlackRock CEO's Bullish Bitcoin Prediction
- BlackRock CEO Larry Fink predicts Bitcoin could reach $700,000 due to weakening currencies and sociopolitical uncertainty.
- He believes institutions and sovereign wealth funds may allocate up to 5% of their portfolios to Bitcoin.
SEC Withdraws Controversial Crypto Rule
- The SEC withdrew SAB-121, a rule that burdened banks custodying digital assets by classifying them as liabilities.
- Now, firms will use FASB or IASB standards, potentially easing the regulatory burden on crypto custody.