Washington Post: Trump to sign new bitcoin legislation on first day in office

On January 20, Donald Trump will begin his second term as President of the United States. According to the Washington Post, he is expected to sign several crypto-related executive orders on his first day in office. Naturally, the market is hoping for the introduction of a Strategic Bitcoin Reserve, but the Washington Post doesn’t seem to provide much detail on that.

Crypto is a Priority for the Trump Team

“The Trump team has made it clear that this is a priority,” a source told the Post.

This marks a stark contrast to Joe Biden’s administration, during which, according to industry insiders, there was a so-called “war on crypto.” Banks were reportedly pressured to exclude parties from the industry.

In July, Trump promised to make the United States the “crypto capital” of the world. In many ways, America is already on that path. Considering how much hashing power the U.S. controls within the Bitcoin network, the success of ETFs, and MicroStrategy’s policies, the country is leading in this space.

All in all, America is truly becoming a Bitcoin nation, and this trend could continue under Donald Trump.

The biggest question, of course, is whether Donald Trump will immediately introduce his Strategic Bitcoin Reserve. If that happens, it could pull Bitcoin out of its current challenging period and give the price a significant boost.

Interestingly, the market seems to be regaining some confidence in this possibility. On Polymarket, there is now a 36% probability that Trump will introduce a Strategic Bitcoin Reserve within his first 100 days as president.

Renowned Tech Entrepreneur Assists Trump

Behind the scenes, venture capitalist Marc Andreessen, who has invested in numerous tech and crypto companies, is helping Donald Trump shape his policies, particularly regarding the crypto world.

According to the Post, Andreessen has frequently visited Trump’s Mar-a-Lago golf resort in Florida. He is also reportedly assisting in finding the right individuals to fill positions in the administration.

Interestingly, Andreessen’s role isn’t limited to tech in the new Trump administration. He is said to be advising on matters related to defense and intelligence as well.

Meanwhile, Bitcoin seems to be making a slight recovery from its recent setbacks, following the significant losses it suffered yesterday.

Bitcoin (BTC/USD) is trading at $96,068, showing a recovery from the intraday low near $94,500. The short-term trend has shifted bullish, with higher lows and highs visible on the chart. Price is currently consolidating below the 7 SMA ($96,143) and 50 SMA ($96,562), suggesting immediate resistance. Support levels lie at $95,500 and $94,500, while a breakout above $96,600 could push the price toward $97,000.

Volume spiked during the rally above $95,000, reflecting strong buying interest, but recent volumes indicate slowing momentum. If Bitcoin fails to hold above $95,500, a retracement to $94,500 is likely. Traders should watch for a breakout above $96,600 for bullish confirmation or a break below $95,500 to signal renewed bearish pressure.