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Bitcoin Slips as Traders Take Profits After Trump’s Crypto Order

Bitcoin dipped as traders booked profits just days after President Donald Trump identified the digital-assets industry as a crucial driver of US innovation in an executive order.

The original cryptocurrency slid as much as 4.90% to below $100,000 on Monday while smaller tokens like Solana and Cardano, which have rallied since Trump’s election victory, fell than more 5%, according to data compiled by Bloomberg.

The slump comes after the President on Friday ordered the creation of a working group to advise the White House on crypto policy in a long-awaited executive action. The group is tasked with proposing a regulatory framework for digital assets in the US within six months, while evaluating the creation of a crypto stockpile. The order stopped short of confirming that the US would establish a Bitcoin reserve — something Trump had vowed to do on the campaign trail.

Crypto shares slid in overnight trading. CleanSpark, Inc., Canaan Inc., MARA Holdings, MicroStrategy fell over 6%; Bit Digital, Coinbase fell over 5%; Riot Platforms fell over 4%.

Bitcoin's Scarcity Dismissed By Economist Peter Schiff

Noted economist Peter Schiff questioned the exclusivity of Bitcoin’s BTC/USD finite supply on Friday, claiming that such assets can be easily created using a Solana SOL/USD blockchain.

Schiff took to X to challenge the idea that the apex cryptocurrency’s “valuable digital property” thesis lies in its fixed supply, as advocated by prominent Bitcoin bull and MicroStrategy Chairman Michael Saylor.

“Anyone with a Solana address can create a meme coin with a fixed supply at practically no cost. The potential supply of fixed-supply digital assets is infinite,” Schiff argued.

Top Trader Predicts Bitcoin's Upside To $122,000

Popular cryptocurrency analyst Ali Martinez noted an invalidation of Bitcoin's head-and-shoulders pattern, prompting an upside target of $122,000.

Note that the head and shoulders chart pattern depicts a bullish-to-bearish trend reversal, signaling that an upward trend is nearing its end.

In one of his earlier posts, Martinez also likened Bitcoin's ongoing trajectory to its 2015-2018 cycle.

"Historically, it was around this point when BTC went parabolic," the analyst remarked.

Coinbase CEO Says There Are 1 Million New Cryptocurrencies Created Every Week

Coinbase, like all cryptocurrency exchanges, uses an application process for new currency listings that evaluates the coin based on the company's own digital asset framework.

"High-quality problem to have, but evaluating each one by one is no longer feasible," Coinbase CEO Brian Armstrong wrote in a post on X on Sunday. "And regulators need to understand that applying for approval for each one is totally infeasible at this point as well (they can't do 1m a week)."

Coinbase and other leading crypto companies have urged the federal government to clarify cryptocurrency regulations to ensure they can stay compliant.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Friday was $517.67 million. The total net asset value of Bitcoin spot ETFs is $123.06 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.92%.

The Bitcoin spot ETF with the highest net inflow on January 24 was Fidelity Wise Origin Bitcoin Fund, with a net inflow of $186.07 million. Following that was ARK 21Shares Bitcoin ETF, with a net inflow of 168.71 million, according to SoSoValue.