Crypto Daybook Americas: Bitcoin Anticipates Trump's Inauguration with Bated Breath

As reported by Omkar Godbole (all times ET unless specified otherwise), the cryptocurrency sphere is abuzz with excitement as President-elect Donald Trump's inauguration draws near. Bitcoin has managed to stay above the $100,000 mark, while alternative coins such as SOL, ADA, LINK, XRP, and LTC are also experiencing a surge, driven by speculation about a potential strategic bitcoin reserve. Rumors suggest that Trump may declare cryptocurrency a policy priority, fueling the enthusiasm. The ether is also gaining traction, with a blockchain address linked to Trump's World Liberty Finance (WLF) project purchasing nearly $10 million worth of ETH, according to Arkham Intelligence. Furthermore, the NEAR token of the layer-1 blockchain Near Protocol is showcasing a bullish supply dynamic, with the ratio of staked to unstaked NEAR on the rise, as per data from Flipside. Overall, the outlook for the cryptocurrency market appears optimistic, as the easing of inflation concerns following Wednesday's U.S. CPI report has allowed traders to focus on Trump's inauguration. On-chain analysis by 21Shares indicates that there is still significant upside potential for BTC. However, a price drop is possible if a major announcement is not made on Trump's first day. Valentin Fournier, an analyst at BRN, noted, 'The macroeconomic backdrop remains supportive, with declining unemployment, easing inflation, and a wave of enthusiasm surrounding Trump's inauguration. We maintain a bullish outlook for Q1, although a correction could occur this week if the new administration fails to outline a solid action plan.' It is worth noting that BTC is trading at a discount on Coinbase compared to Binance, indicating weak demand from U.S. investors. Additionally, according to Arkham Intelligence, a whale transferred over $1 billion worth of BTC to Coinbase on Thursday, which could signify an intention to sell. Inflation concerns may also resurface, as the U.S. PPI has surpassed the CPI for the first time since 2022, signaling price pressures building up in the pipeline. Key events to watch include token events, conferences, and derivatives positioning, as well as market movements, bitcoin statistics, technical analysis, and crypto equities.