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Another red day for Bitcoin as price sinks to $93,592

Another red day for Bitcoin as price sinks to $93,592

Web Desk
Dec 24, 2024

WEB DESK: Bitcoin began Tuesday in the red, dropping to a low of $93,592.87 at around 2:22 UTC, losing nearly $1,159.

However, it saw a slight recovery after 3:27 UTC, reversing some losses and trading at $94,001.31. By 6:38 UTC, Bitcoin was down 0.52 per cent, showing a further loss of $495.27.

As of now, the price of one Bitcoin in Pakistani rupee (PKR) is Rs26,227,102.13.

The cryptocurrency industry is pushing President-elect Donald Trump’s team to begin implementing his promised crypto policy overhaul when he takes office next month. Industry officials are urging the administration to issue executive orders that would help bring cryptocurrencies into the mainstream.

According to Reuters, Trump plans to issue a series of executive orders on topics ranging from immigration to energy on his first day in office, which is set for January 20.

On the campaign trail, Trump promised to be a “crypto president,” and the industry is eager for him to follow through with executive orders that would establish national bitcoin reserve, secure banking access for crypto firms, and create crypto council.

Industry insiders are pushing for these executive orders within Trump’s first 100 days, with at least one potentially coming on January 20, according to two people familiar with the matter.

“Given the tone of the campaign, it will be essential for executive orders to outline the actual priorities on day one and provide a clear roadmap,” said Rebecca Rettig, Chief Legal and Policy Officer at crypto firm Polygon Labs.

Under President Joe Biden regulators have taken a tough stance on crypto companies due to concerns about crime and volatility, but Trump has promised to take a different approach. His crypto policy team is already forming, with the recent announcement of crypto-friendly figures like SEC Chair Paul Atkins and White House crypto advisor David Sacks.

“There has been an effort by Washington’s bureaucratic swamp to stifle innovation, but President Trump will keep his promise to support American leadership in crypto,” said Brian Hughes, a spokesperson for Trump’s transition team.

Bitcoin, the world’s largest cryptocurrency, recently surged past $107,000 after Trump reiterated his plan, first announced in July, for a strategic bitcoin reserve. However, Bitcoin has since fallen below $100,000.

Analysts are divided on whether Trump can use executive powers to create reserve, potentially through the Treasury Department, or if an act of Congress would be needed. The Bitcoin Policy Institute, an industry group, has already drafted a potential executive order that would designate Bitcoin as a strategic reserve asset.

The draft order proposes that the Treasury Secretary spend $21 billion over the next year to build a national bitcoin reserve, according to a copy seen by Reuters.

Zack Shapiro, the head of policy at the Bitcoin Policy Institute, said the US should act quickly to accumulate Bitcoin reserves, “before the price rises further without the US holding any.” He declined to comment on whether the draft had been shared with Trump’s team.