Bitcoin Bulls Eye $100,000 As Trump’s SEC Prepares For Crypto Overhaul

The price of Bitcoin has risen by 3% in the past 24 hours. It reached $99,415 as positive inflation data helped to increase bullishness in the cryptocurrency market yesterday.

BTC is now up by 6% in a week and by 3% in a fortnight. However, the biggest cryptocurrency remains down by 7% in a month, following a period of profit-taking for the coin.

Yet the approach of Donald Trump’s inauguration promises to lift BTC’s performance in the coming days and weeks. The latest news suggests that senior officials at the SEC are already planning to overhaul the regulator’s approach to cryptocurrencies. 

Such an overhaul is likely to result in clearer and friendlier guidelines for digital assets. Besides, Bitcoin is likely to be one of the main beneficiaries of any change.

Bitcoin Bulls Eye $100,000 as Trump’s SEC Prepares for Crypto Overhaul – New ATH Incoming?

Sources connected with senior Republican officials at the SEC have been briefing news agencies in the past day. They reported that commissioners Hester Peirce and Mark Uyeda might begin the process of producing rules clarifying when a crypto is a security.

The cryptocurrency industry has long been calling for such rules. That’s because the SEC initiated legal action against entities allegedly offering unregistered securities.

– Advertisement –

These moves from Peirce and Uyeda also come as the pro-crypto Paul Atkins prepares for the SEC Chairman position. Many expect Atkins to oversee a friendlier shift in the regulator’s crypto policies.

The Inauguration Day itself (this Monday) may prove to be a short-term sell-the-news event. The wider implication of Donald Trump’s return to the Oval Office is that Bitcoin might enjoy significant growth this year.

Today, its chart shows the coin regaining momentum after several days of decline. Besides, its 30-period average (orange) is forming a bullish golden cross with its 200-period (blue).

That points to a breakout. BTC’s relative strength index (purple) has also recovered from 30 a few days ago to reach 70 overnight.

We may, therefore, see a Bitcoin rally as we approach Inauguration Day on Monday. It is likely to retake $100,000 very soon.

It could very well dip back below this level in the immediate aftermath of Monday. The following weeks should prove kind to the token.

The possibility of Trump announcing a BTC strategic reserve policy would be massive for the coin. At the same time, the liberalization of regulations may encourage more institutions to invest in existing Bitcoin ETFs.

In such a context, BTC could reach $120,000 by Q2.

New Altcoins Could Outperform Major Tokens in Bull Market

As strong as BTC is likely to remain, we may see newer and smaller-cap tokens outperform it in any bull market following Donald Trump’s inauguration.

It includes presale tokens, with the biggest of these often rallying big when they list, on the back of the momentum they generate during their sales.

One of the most promising presales right now belongs to Solaxy (SOLX), which has raised a very impressive $10.6 million in its ongoing sale.

https://twitter.com/SOLAXYTOKEN/status/1878701082378936341

Solana’s first-ever layer-two network, Solaxy, offers several improvements over its base layer.

It will help Solana users and traders avoid failed transactions, outages, and congestion, which have remained a problem for the layer-one blockchain, even in more recent years.

Its native token, SOLX, is the exclusive means of payment for transaction fees, so if Solaxy becomes a popular L2, demand for the token will balloon.

SOLX will have a capped supply of 138.046 billion tokens, with 25% going towards its presale and community rewards.

SOLX is currently selling at $0.001602, with investors able to buy it now at the official Solaxy website.

This price will rise tomorrow, so investors should quickly buy if they want to lock in the biggest possible gains.