Bitcoin News: Potential Rally as Trump Signs Executive Order on Digital Assets

Bitcoin shows signs of a potential rally following President Donald Trump's executive order to establish a working group focused on digital assets. The order also includes plans for a strategic national digital asset stockpile, signaling a significant move towards embracing cryptocurrency and AI technologies in the United States.

Bitcoin Could Resume Rally as Trump Signs Executive Order

Bitcoin shows signs of a rally as President Trump signs an executive order initiating a working group for digital assets. The order also calls for the creation of a strategic national digital asset stockpile. Donald Trump said the US would become a hub for Crypto and AI at the World Economic Forum. Bitcoin (BTC) trades near $103,000 on Thursday, following President Donald Trump's executive order to create a Presidential Working Group on digital assets. The group will also oversee the feasibility of the US creating a national digital asset stockpile. Bitcoin is gathering momentum to resume its rally following recent activities from the newly inaugurated President Donald Trump's administration.

Bitcoin Price Prediction for January 23

After a significant decline over the past few days, Bitcoin's price is showing signs of recovery. The price surged from a low of $101,257 to a high of $106,820. Trading volume has increased by 45% in the last 24 hours, reaching $85.1 billion. Despite a broader downward trend since January 7, when it dropped below $100,000, Bitcoin has started to recover from its recent low of $89,397 on January 13. The total market capitalization has risen by 1.03% to $2.08 trillion in the last 24 hours. Analysts note that a price increase in Bitcoin could lead to the establishment of a Bitcoin reserve.

SEC Revokes SAB 121 Policy Allowing Banks to Custody Crypto

The SEC has revoked the SAB 121 policy, which previously required banks and financial institutions to record customer-held crypto-assets as liabilities on their balance sheets. This change allows banks to offer crypto services without significant regulatory hurdles. Companies can now evaluate their obligation to safeguard these assets differently, such as through contingent liabilities for potential losses due to theft or fraud. SEC commissioner Hester Peirce expressed relief over the policy change, signaling a more flexible regulatory environment for crypto custody services.

Nasdaq-listed Fathom Holdings Announces Plan to Diversify Treasury with Bitcoin

Nasdaq-listed Fathom Holdings has secured permission from its Board of Directors to list Bitcoin as a critical asset under its management, aiming to diversify its US dollar-controlled balance sheet. The company announced on January 23 that it can use up to 50% of its surplus cash reserve to nourish its Bitcoin reserve, with plans to allocate up to $500,000 toward BTC or Bitcoin exchange-traded funds (ETFs). The allocation will be adjusted based on the firm’s performance requirements and market circumstances. CFO Joanne Zach emphasized that Bitcoin serves as a hedge against currency risk and reflects the company's commitment to diversifying its treasury holdings.

Bitcoin Price at $100K+: Consolidation or Calm Before the Next Move?

Bitcoin price has settled above the $100,500 resistance zone and is currently consolidating gains. There is potential for a fresh increase above the $105,000 zone. Bitcoin started a downside correction from the $106,800 zone and is now trading below $104,000 and the 100 hourly Simple moving average. A connecting bullish trend line is forming with support at $102,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it stays above the $102,000 support zone.

Bitcoin Price Eyes Fresh Increase

Bitcoin price started a decent upward move above the $104,500 zone, climbing above the $105,500 and $106,000 levels. The bulls pushed the price above the $106,500 level, but the bears were active NEAR the $106,800 zone. A high was formed at $106,833, and the price is now consolidating. The market is watching to see if Bitcoin can maintain its support levels and potentially aim for another increase.