Bitcoin (BTC) Price Reversal: Market Turns Green After Trump's Reported Crypto EO Plans

Cryptocurrency markets reversed a weak start to the week on news that Donald Trump reportedly plans signing sseveral crypto-related executive orders on his first day in office.

Cryptocurrency markets started the week on a downbeat note, with Bitcoin (CRYPTO: BTC) prices falling below the key $90,000 level on Monday.

The world’s largest cryptocurrency by market capitalization was down 3.2% over the past 24 hours, trading at $89,233.07 at press time.

Bitcoin prices dropped as much as 4.3% on Monday morning before recovering slightly.

The apex coin encountered resistance at the $95,000 zone last week, following which prices began to consolidate within a range.

However, a weak close on Friday and worsening macro conditions put further pressure on Bitcoin prices, leading to Monday’s decline.

What Happened: Markets were digesting news that former President Donald Trump is planning to sign several crypto-related executive orders on his first day in office, according to a report by Axios.

The orders are expected to cover a wide range of topics, including stablecoins, central bank digital currencies (CBDCs), and crypto mining.

Trump's reported plans come amid increasing interest in cryptocurrencies from the Biden administration.

In March, President Joe Biden signed an executive order calling for a government-wide review of digital assets.

The order also directed the administration to develop a strategy for regulating cryptocurrencies and other digital assets.

Top cryptocurrency gained Monday, with Ethereum (CRYPTO: ETH) rising 0.04% to $68,181.07 and Dogecoin (CRYPTO: DOGE) advancing 1.03% to $0.17.

Among the top losers, Binance Coin (CRYPTO: BNB) dropped 3.1% to $700.07, while XRP (CRYPTO: XRP) and Polygon (CRYPTO: MATIC) fell 2.5% and 1.9%, respectively.