Bitcoin, Ethereum Rise Marginally on a Day of Cryptocurrency-Friendly Policies Announced by the Donald Trump administration

Bitcoin recorded choppy momentum over the last 24 hours, surging to a high of $106,500 in the morning before falling to $103,000 by the evening.

Leading coins rose marginally on a day of cryptocurrency-friendly policies announced by the Donald Trump administration.

What Happened: Bitcoin recorded choppy momentum over the last 24 hours, surging to a high of $106,500 in the morning before falling to $103,000 by the evening.

The morning rally was triggered by speculations of an executive order to create a strategic Bitcoin reserve. Eventually, Trump signed an order that will evaluate the creation of a "strategic national digital asset stockpile."

Moreover, a SEC directive that restricted banks' ability to custody cryptocurrencies was repealed.

Ethereum surged more than Bitcoin, likely due to expectations of inclusion in the potential digital asset stockpile.

More than $382 million was liquidated from the cryptocurrency market in the last 24 hours, with long liquidations accounting for $262 million. However, Bitcoin's rebound to $107,000 could liquidate nearly $368 million worth of short positions.

More than 50% of trader accounts on Binance placed long positions on Bitcoin, suggesting expectations of a rebound.

The market sentiment remained one of "Greed," according to the Crypto Fear & Greed Index.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $3.56 trillion, contracting marginally by 0.17% in the last 24 hours.

Stocks extended their winning streak on Thursday. The S&P 500 rallied 0.53% to close at a new record high of 6,118.71. The Dow Jones Industrial Average lifted 408.34 points, or 0.92%, to end at 44,565.07. The tech-focused Nasdaq Composite gained 0.22%, closing at 20,053.68.

The bump comes after President Donald Trump advocated immediate cuts in interest rates during a virtual address at the World Economic Forum 2025.

The market also possibly factored Trump's remarks that corporate taxes will be cut from 21% to 15% for companies that manufacture in the U.S.

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Analyst Notes: Popular on-chain analytics firm Santiment highlighted the new all-time high for wallets holding between 100 and 1,000 BTC — one of Bitcoin's leading indicators.

"This rise in key stakeholder confidence is yet another promising sign for a bullish 2025," the firm added.

Popular cryptocurrency trader Michaël van de Poppe set a price target of $500,000 per Bitcoin and $20,000 per Ethereum, owing to the latest cryptocurrency-friendly executive orders by President Trump.

"The cycle has begun," he remarked.