Bitcoin gains as Trump reportedly plans crypto executive order

Bitcoin rejoined the crypto rally on Friday amid reports that President-elect Donald Trump could soon release an executive order making crypto a national priority.

The price of the flagship cryptocurrency was last higher by more than 4% to $104,672.37, according to Coin Metrics. The broader crypto market, as measured by the CoinDesk 20 index, rose another 3% after a 4% gain on Thursday.

Shares of exchange operators Coin base and Robinhood advanced more than 4% each. Trading activity in small cap cryptocurrencies benefits trading platforms. Appetite for smaller-cap, higher-risk coins has grown ahead of Trump’s inauguration, with litecoin increased by 30% within the past two days.

The movements follow a Bloomberg report late Thursday that Trump could create the crypto advisory council he previously promised and give the industry a voice in his administration. A bitcoin warehouse is part of discussions about a possible executive order that would cover several areas of crypto policy, New York Times reported same day.

Newly heightened expectations come after warnings from Wall Street this month that while having a pro-crypto Congress and White House in 2025 will certainly support innovation in the industry and asset class, it may take a while for the market feel the effect.

Arguably, coins and crypto projects outside of bitcoin could benefit more from clear and supportive policy and regulation, as they have increasingly been the target of SEC lawsuits and alleged bank discrimination under the Biden administration. Some investors say bitcoin could see a rocket ship rally if a national stockpile or reserve is established.

Bitcoin has traded closely with stocks so far this year. It has been in consolidation mode since late December, when Federal Reserve Chairman Jerome Powell sounded an inflation alarm that eased this week after two cool December inflation reports. Bitcoin ETFs have seen more than $1 billion in inflows in the past two days.

Investors expect any announcements from the incoming administration next week to send bitcoin higher — potentially to a new record.

Newly heightened expectations come after warnings from Wall Street this month that while having a pro-crypto Congress and White House in 2025 will certainly support innovation in the industry and asset class, it may take a while for the market feel the effect.

“The new administration and a new SEC chairman open the door to new opportunities in cryptocurrency innovation,” JPMorgan analyst Kenneth Worthington said in a note this week. However, he added, “we don’t see a next wave of cryptocurrency (exchange-traded product) launches as being meaningful for the crypto ecosystem given much smaller market capitalization of other tokens and far lower investor interest.”

Bitcoin’s record is $108,327.01, as of December 17. It has increased by more than 11% in 2025.