Bitcoin soared to $106, 494 today (Thursday),
fueled by reports of an upcoming phone call between U.S. President Donald Trump
and El Salvador’s pro-Bitcoin leader, Nayib Bukele.
The prospect of two influential leaders discussing
crypto sent ripples through the market, causing speculation about the future of
Bitcoin as a reserve asset.
Under Bukele’s leadership, El Salvador has transformed
into a renowned destination in the cryptocurrency world after becoming the
first country to adopt Bitcoin as legal tender in 2021.
The nation has since accumulated over 6,000 BTC,
currently valued at approximately $622 million. Bukele’s crypto-centric
policies have positioned El Salvador as a hub for digital innovation, capturing
global attention.
Adding fuel to Bitcoin’s rise was Trump’s previous
pledge to create a national Bitcoin reserve. On the campaign trail last year,
Trump emphasized his vision of the U.S. becoming a dominant force in the
digital asset sector.
JUST IN: 🇺🇸🇸🇻 President Trump to hold call today with El Salvador’s pro-Bitcoin President Nayib Bukele. pic.twitter.com/8igFaQhStt
— Watcher.Guru (@WatcherGuru) January 23, 2025
The call with Bukele has stirred speculation that
Bitcoin could feature prominently in their conversation, Coindesk reported. Bitcoin’s price
initially surged over 3% in early trading, reaching session highs following the
report of the Trump-Bukele call.
Gains erased earlier losses, with Bitcoin posting a
2.2% increase over the past 24 hours. Elsewhere, Senator Cynthia Lummis also
hinted at significant crypto news earlier in the day, further stoking market
anticipation.
However, the Senate Banking Committee’s subsequent
confirmation of her role as chair of the digital assets subcommittee dampened
some of the excitement. The market speculates that Trump’s interest in crypto
aligns with his broader ambitions to position the U.S. as a leader in
blockchain technology.
Honored to chair the Senate Banking Subcommittee on Digital Assets. pic.twitter.com/mWj2hKA0NQ
— Senator Cynthia Lummis (@SenLummis) January 23, 2025
Market Reactions to Speculation
The idea of using Bitcoin as a strategic reserve asset
has gained traction globally, with El Salvador leading the charge. Trump’s call
with Bukele could signal a shift in how major economies view and integrate
digital assets.
Amid the heightened speculations, Bitcoin’s trading
volume soared to an astonishing $130 billion on Wednesday, marking one of the
highest daily volumes in the cryptocurrency’s history.
According to data from Checkonchain, Wednesday’s
trading volume of $130 billion stands among the highest ever recorded. Since
Donald Trump’s U.S. election victory in early November, Bitcoin’s daily trade
volume reportedly doubled from an average of $65 billion.
Bitcoin Transaction Count Momentum, Source: Glassnode
The futures market led the surge with an impressive
$110 billion in volume, making it the fifth-largest futures trading day ever
recorded. Bitcoin’s increasing liquidity and high trading volume could make it
attractive for institutional investors.
According to Glassnode data, Bitcoin options trading
exceeded $3 billion in the last 24 hours, further highlighting the
cryptocurrency’s expanding ecosystem.
Bitcoin soared to $106, 494 today (Thursday),
fueled by reports of an upcoming phone call between U.S. President Donald Trump
and El Salvador’s pro-Bitcoin leader, Nayib Bukele.
The prospect of two influential leaders discussing
crypto sent ripples through the market, causing speculation about the future of
Bitcoin as a reserve asset.
Under Bukele’s leadership, El Salvador has transformed
into a renowned destination in the cryptocurrency world after becoming the
first country to adopt Bitcoin as legal tender in 2021.
The nation has since accumulated over 6,000 BTC,
currently valued at approximately $622 million. Bukele’s crypto-centric
policies have positioned El Salvador as a hub for digital innovation, capturing
global attention.
Adding fuel to Bitcoin’s rise was Trump’s previous
pledge to create a national Bitcoin reserve. On the campaign trail last year,
Trump emphasized his vision of the U.S. becoming a dominant force in the
digital asset sector.
JUST IN: 🇺🇸🇸🇻 President Trump to hold call today with El Salvador’s pro-Bitcoin President Nayib Bukele. pic.twitter.com/8igFaQhStt
— Watcher.Guru (@WatcherGuru) January 23, 2025
The call with Bukele has stirred speculation that
Bitcoin could feature prominently in their conversation, Coindesk reported. Bitcoin’s price
initially surged over 3% in early trading, reaching session highs following the
report of the Trump-Bukele call.
Gains erased earlier losses, with Bitcoin posting a
2.2% increase over the past 24 hours. Elsewhere, Senator Cynthia Lummis also
hinted at significant crypto news earlier in the day, further stoking market
anticipation.
However, the Senate Banking Committee’s subsequent
confirmation of her role as chair of the digital assets subcommittee dampened
some of the excitement. The market speculates that Trump’s interest in crypto
aligns with his broader ambitions to position the U.S. as a leader in
blockchain technology.
Honored to chair the Senate Banking Subcommittee on Digital Assets. pic.twitter.com/mWj2hKA0NQ
— Senator Cynthia Lummis (@SenLummis) January 23, 2025
Market Reactions to Speculation
The idea of using Bitcoin as a strategic reserve asset
has gained traction globally, with El Salvador leading the charge. Trump’s call
with Bukele could signal a shift in how major economies view and integrate
digital assets.
Amid the heightened speculations, Bitcoin’s trading
volume soared to an astonishing $130 billion on Wednesday, marking one of the
highest daily volumes in the cryptocurrency’s history.
According to data from Checkonchain, Wednesday’s
trading volume of $130 billion stands among the highest ever recorded. Since
Donald Trump’s U.S. election victory in early November, Bitcoin’s daily trade
volume reportedly doubled from an average of $65 billion.
Bitcoin Transaction Count Momentum, Source: Glassnode
The futures market led the surge with an impressive
$110 billion in volume, making it the fifth-largest futures trading day ever
recorded. Bitcoin’s increasing liquidity and high trading volume could make it
attractive for institutional investors.
According to Glassnode data, Bitcoin options trading
exceeded $3 billion in the last 24 hours, further highlighting the
cryptocurrency’s expanding ecosystem.
