The stars cannot align more positively for crypto in the United States, the world’s largest economy, if the latest media reports are to be believed. Yet a key indicator shows a lack of enthusiasm among U.S. investors.
On Thursday evening, Bloomberg reported that President-elect Donald Trump would likely issue an executive order announcing crypto as a national imperative or priority with a voice within his administration. Trump could also announce the creation of a crypto advisory that would advocate for the digital assets industry’s policy goals.
The report comes amid heightened expectations that Trump will announce an executive order supporting the creation of a strategic bitcoin reserve on his first day in office.
Trump, a former crypto skeptic, has embraced the industry in the run-up to the November election, raising hopes for easier regulation and widespread adoption of digital assets. The crypto industry will host the “Inaugural Crypto Ball” on Friday in support of Trump, hoping he keeps his promises after he takes office on January 20.
An executive order declaring the creation of a strategic bitcoin reserve a policy priority would stand in stark contrast to the largely anti-crypto Biden administration, under which agencies have taken more than 100 enforcement actions against the industry.
Despite this, BTC trades at a slight discount on the Nasdaq-listed exchange Coinbase compared to global exchange Binance Holdings. This is a sign of moderate US demand for the leading cryptocurrency.
CryptoQuant’s chart shows the gyrations of the Coinbase premium indicator, which measures the gap between the price of BTC on Coinbase and Binance.
BTC’s November-December rally from $70,000 to over $108,000 was led by US investors, as evidenced by Coinbase’s consistent premium during this period.
There are no comparable bullish prices yet on Coinbase, despite expectations of significant positive developments in the United States. Perhaps much of Trump’s optimism was priced into the November-December rally, and U.S. traders are now waiting to see if the new president follows through. on his promises.
BTC changed hands at $101,600 at press time. Prices have largely hovered between $90,000 and $108,000 since mid-December, according to data from CoinDesk Indices.
