Bitcoin has been soaring this week in a wild mix of hope and disappointment, as crypto holders pin their hopes on the new Trump administration’s ability to boost the value of their holdings.
Bitcoin price hit an all-time high of $109,000 early Monday morning, before falling 9% after the Trump administration failed to announce any major crypto policy changes in its first full day in office. It fell to $100,000. A document released by the Trump administration shortly after taking office outlining the president’s top priorities also omitted any mention of crypto assets or digital assets. Investors were further disappointed when President Trump did not include any crypto-related executive orders among the 26 he signed shortly after taking office.
“There may have been some hope that an executive order related to cryptocurrencies would be part of President Trump’s first set of actions,” said Matthew Siegel, head of digital asset research at asset management firm VanEck. said.
However, the government’s notification arrived, albeit a little later than expected. On Tuesday, the SEC, the federal agency responsible for securities regulation, announced the creation of a crypto task force, writing that the group is “dedicated to developing a comprehensive and clear regulatory framework for crypto assets.”
Bitcoin prices have risen 3% in the past 24 hours, peaking on Tuesday at $107,000, close to Monday’s high.
Amid speculation about what actions President Trump may take in the coming weeks to support the crypto industry, Siegel said the new administration is likely to repeal Biden-era policies that emphasized law enforcement. , including a March 2022 executive order to expedite law enforcement. “Ongoing scrutiny of the use of digital assets”
As investors wait for more crypto-specific news, including the designation of cryptocurrencies as a “national priority,” the creation of a strategic Bitcoin reserve, and the government’s decision to remove Bitcoin from criminals, There’s also talk of a number of other policy changes President Trump might make, including blocking sales. companies.
This article originally appeared on Fortune.com