PK Press Club–Bitcoin edged higher on Friday, but is expected to have a muted weekend as crypto markets received only fleeting support from President Donald Trump’s plans for friendlier regulations of cryptography.
The president’s recently launched memecoin, , also extended its losing streak amid increased volatility following its launch last week.
Even as risk appetite improved after Trump called for lower interest rates and announced a less tough stance on China, traders appeared largely tilted toward stocks.
Crypto markets were also disappointed by the lack of clear details on a Trump order to create a national digital asset reserve, which made no mention of Bitcoin.
rose 2.6% to $104,772.5 as of 12:23 a.m. ET (05:23 GMT). The crypto was trading below record highs of over $109,000 reached earlier this week, but was also trading above the week’s lows.
Trump orders group to draft crypto regulations
Trump issued an executive order on Thursday calling for the formation of a task force to draft new digital asset regulations and explore the potential for a national crypto stockpile.
To some extent, the order fulfilled Trump’s promises to quickly overhaul crypto regulations and create a friendlier environment for the industry. The order also prohibits the creation of central bank digital currencies in the United States and directs that banking services to crypto companies be protected.
The task force, under Trump’s order, will consist of officials from several branches of government, including the Treasury, the Commodity Futures Trading Commission and the Securities and Exchange Commission.
But the order has sparked mixed reactions in crypto markets, given that the order still doesn’t spell out exactly what Trump’s policies will entail.
Traders were also unsure how Trump would create a national cryptocurrency reserve, given that any measure requiring congressional approval would likely face resistance from fiscally cautious lawmakers.
Additionally, the SEC on Thursday rescinded a major accounting requirement for organizations holding digital assets – SEB 121 – which imposed strict disclosure requirements on companies providing digital asset custody services.
Crypto Price Today: Altcoins Bullish, $TRUMP Losses Deepen
Broader crypto prices were mostly positive on Friday, although most tokens were headed for a muted weekly finish. The world’s No. 2 crypto rose 5.4% to $3,369.80, while it rose 0.6% to $3.1571.
Among other altcoins, , , and moved within a narrow range, while increasing 1%.
Among meme tokens, it fell 9% to $34.192, extending its recent streak of losses after a volatile launch last week.
Although the memecoin launch was initially welcomed by the markets, leading the token to highs near $80, its trend has since declined sharply. The token’s high volatility, coupled with ethical concerns about Trump using his influence to manipulate markets, were the two biggest points of weight on memecoin, which had a market capitalization of more than $14 billion at its apogee.
Yet memcoin likely earned the president billions of dollars in paper gains.
