Americas Crypto Daybook: Bitcoin Holds Firm Above $100,000 as Market Awaits MicroStrategy Shareholder Vote

Omkar Godbole reports (all times ET unless otherwise stated) that Bitcoin has maintained its position above $100,000. Notable gains were seen in VET, ENA, LINK, and LDO, a day after President Donald Trump's inauguration speech, which did not mention cryptocurrency or a strategic bitcoin reserve. Signals from the bitcoin options market suggest increased expectations for short-term price fluctuations, alongside signs of growing risk aversion among traders following Trump's inauguration, according to Griffin Ardern, BloFin's head of options trading and research. This could be attributed to several factors, including MicroStrategy's upcoming shareholder vote on increasing its authorized shares to support its bitcoin buying strategy and the Bank of Japan's expected rate hike, which may strengthen the yen. The BOJ's previous rate hike in late July led to a decline in the currency's rally, destabilizing risk assets, including cryptocurrencies. Uncertainty also stems from Trump's plans to impose tariffs on Canada and Mexico and the looming debt ceiling, although historically, the latter has not significantly impacted risk assets. "Markets received a stark reminder of life under President Trump, with more volatility-inducing rhetoric," QCP Capital noted. Despite this, observers remain optimistic. Valentin Fournier, an analyst at BRN, said, "Despite a generally disappointing first day for cryptocurrencies under the new administration, Bitcoin managed to remain firmly above $101K, sidestepping the feared 'sell-the-news' effect." Fournier added that while regulatory progress and adjustments to national reserves may take time, conditions are expected to improve in the coming weeks. The debut of the TRUMP memecoin over the weekend marked "a fundamental shift in the American digital asset landscape, ultimately attracting new buyers, particularly into BTC and SOL," according to Laurent Benayoun, CEO of Acheron Trading. Benayoun stated, "This phenomenon can be seen as a dual narrative: a significant value creation in TRUMP, initially driven by intra-market rotation, which later sparked fresh capital inflows as fundamental investors recognized the broader positive catalysts for digital assets." Key events to watch include token events, conferences, and token talks. Shaurya Malwa reports that Donald and Melania Trump's official memecoins have inspired the creation of tokens based on other family members, with one such token themed after son Barron Trump experiencing a rug pull worth millions of dollars. A spoof X account impersonating Barron promoted a BARRON token, which gained traction before all liquidity was removed, causing the price to crash. On-chain watchers estimated that at least $1 million worth of Solana's SOL tokens were extracted in the rug pull. Additionally, bitcoin stats, technical analysis, crypto equities, and ETF flows are also being monitored.