This Week in Crypto: Donald Trump Inauguration, Solana ETF Deadline, and Jupiter Airdrop

This week in crypto, several events are set to shape the investors’ portfolios. From the inauguration of President-elect Donald Trump to Solana ETF deadline and the Jupiter airdrop, the market is bracing for a volatile week.

Several key events are set to impact crypto markets in the coming week. From the inauguration of President-elect Donald Trump to the Solana ETF approval deadline and the Jupiter airdrop, there’s a lot to watch.

Here are the top crypto news stories to follow.

Donald Trump Inauguration and Gary Gensler’s Resignation

Kicking off the week, crypto markets will be keeping a close eye on the inauguration of Donald Trump, which is set to take place on Monday, January 20.

As Trump prepares to begin his second term in office, anticipation is building within the crypto community over the President-elect’s expected pro-crypto policies.

Furthermore, there is speculation that Trump could announce a US Bitcoin Strategic Reserve in his inaugural speech. Such a move would legitimize Bitcoin as a state-backed reserve asset and mark a dramatic shift in the US government’s stance on cryptocurrencies.

Historically regarded with skepticism, Bitcoin now stands on the cusp of becoming widely recognized as digital gold with Trump’s ascension.

“The incoming administration ushers a new world for the crypto ecosystem. The Crypto Reserve has the potential to set off a race among other countries to accumulate Bitcoin and other assets. The US’s crypto-friendly policies will likely drive pro-crypto legislation globally. The main focus right now is the composition and scale of the Crypto Reserve, with great anticipation around which currencies will be included,” Fluence co-founder and CEO Tom Trowbridge told BeInCrypto.

Trowbridge also anticipates no capital gains taxes on US-based coins. If this happens, it could drive trading in these currencies, sparking a race for upcoming projects to list in the US and drawing others as well.

Interestingly, Trump’s inauguration date coincides with the expected resignation of crypto nemesis Gary Gensler, the outgoing chair of the US SEC (Securities and Exchange Commission).

Paul Atkins, the chair incumbent, is a Trump appointee with a pro-crypto stance.

Solana ETF Approval Deadline

Adding to the optimism surrounding Trump’s inauguration, crypto markets are also holding out hope that the new administration will green-light a Solana ETF as the approval deadline approaches.

As BeInCrypto reported, Polymarket gives Solana ETF an 82% approval chance as the new administration takes office. This marks a spectacular turnaround, going from 3% to 82% in less than four months.

Grayscale’s Solana ETF application has the nearest deadline of January 23 with the SEC. This approval deadline could mark a turning point for the financial instrument, leaving the door open for more altcoin ETFs in the US.

Meanwhile, Gary Gensler’s exit has opened the doors for more crypto ETF applications, signaling optimism for regulatory changes.

Recently, ETF analyst Eric Balchunas predicted that a Litecoin ETF has better chances and could be the next financial instrument to gain SEC approval.

“We had heard chatter that the Litecoin S-1 had gotten comments back from SEC. This looks to confirm that which bodes well for our prediction that Litecoin is most likely to be the next coin approved,” Balchunas said.

Jupiter’s 700 Million JUP Airdrop

Moving beyond politics, regulation, and administrative changes, Jupiter’s airdrop of 700 million JUP tokens is also on the list of top crypto news this week.

The initial Jupiter airdrop remains one of the most successful on Solana to date. This makes its next airdrop a key watch after Jupiter released the allocation checker earlier this month.

Following the success of its initial allocation, the “Japuary” Jupiter airdrop is on track to become one of the largest in crypto history. Rewards range from 25 tokens for a $500 swap volume to a massive 20,000 tokens for $10 million in volume.

However, the overwhelming anticipation has caused network congestion. In response, Jupiter announced plans to address the issue and restore normal operations.

“All our systems are under extreme load right now, working to restore proper services as soon as possible. Incredibly sorry for any inconvenience caused, please file tix on Discord for serious issues, we will try our best to handle them ASAP. On the bright side, welcome to mass adoption,” Jupiter shared.

The airdrop’s impact on the price of the JUP token remains a topic of debate, with analysts presenting conflicting views on its potential outcomes.

“Will it impact the token price? NO. There’s a big difference between a purposeless airdrop and one linked to a strong DAO with a 30% token burn. The team hasn’t created selling incentives, you can stake and earn +20% in 4 months through votes. So, the token price shouldn’t be heavily impacted. When Kamino dropped Season 2, the token price even pumped,” DeFi and airdrops researcher Jussy.Sol said recently.

According to BeInCrypto data, JUP has