Bitcoin surges to $105k after Trump's executive order to support cryptocurrency growth
Bitcoin (BTC), the world’s largest cryptocurrency, surged by 3% to reach the $105,000 mark in Friday’s trading following an executive order from U.S. President Donald Trump.
On Thursday, Trump directed the creation of a cryptocurrency working group tasked with proposing new digital asset regulations and exploring the possibility of establishing a national cryptocurrency stockpile. This move fulfilled his promise to quickly overhaul U.S. crypto policy.
The executive order also instructed the protection of banking services for crypto companies, addressing concerns that U.S. regulators had previously pressured banks to sever ties with crypto businesses—a claim that regulators have denied. Furthermore, the order prohibits the creation of central bank digital currencies (CBDCs) in the U.S., which could compete with existing cryptocurrencies.
The announcement was met with approval from the crypto industry, which had been urging the administration to send a clear signal of support during Trump’s first days in office.
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