Stars can’t align more positively for crypto in the US, the world’s largest economy, if recent media reports are anything to go by. Still, a key indicator shows a lack of enthusiasm among U.S. investors.
Late Thursday, Bloomberg reported that President-elect Donald Trump is likely to issue an executive order announcing crypto as a national imperative or priority with a voice in his administration. Trump could also announce the creation of a crypto advisory that will advocate for the policy goals of the digital asset industry.
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 one-time crypto-skeptic, embraced the industry in the run-up to the November election, raising hopes for lighter regulations and widespread adoption of digital assets. On Friday, the crypto industry will host the “Inaugural Crypto Ball” in support of Trump, in the hope that he will live up to his poll promises after taking office on January 20.
An executive order declaring the creation of a strategic bitcoin reserve a political priority would stand in stark contrast to the largely anti-crypto Biden administration, under which agencies took more than 100 enforcement actions against the industry.
Still, BTC trades at a slight discount on the Nasdaq-listed Coinbase exchange to global exchange Binance Holdings. It is a sign of muted demand from the state for the leading cryptocurrency.
The graph from CryptoQuant shows gyrations in the Coinbase premium indicator, which measures the spread between BTC’s price on Coinbase and Binance.
BTC’s November-December rise from $70,000 to over $108,000 was led by US investors, as evidenced by the consistent Coinbase premium during that period.
Another comparably bullish pricing on Coinbase is missing, despite expectations of significant upside in the US. Perhaps much of the Trump optimism was factored in during the November-December rally, and state side traders are now waiting to see if the incoming president follows through. on his promises.
BTC changed hands at $101,600 at press time. Prices have largely traded between $90,000 and $108,000 since mid-December, data from CoinDesk Indices shows.