Crypto Daily is our column tracking crypto market trends, offering timely insights and valuable updates to keep you informed.

Bitcoin Flirts With $100,000 Level as Angst Over Fed Path Eases

Bitcoin hovered near $100,000 after notching its biggest gain of the new year on reassuring US inflation data that lifted global markets by reviving bets on further Federal Reserve interest-rate cuts.

The digital asset blipped around the six-figure level, holding a more than 2% jump sparked by the Bureau of Labor Statistics figures a day earlier. Tokens such as Ether and XRP consolidated sharper rallies.

The report pointing to cooling core consumer prices reignited bets on another Fed rate reduction by July, boosting stocks and bonds. The spotlight now turns to the policy blitz expected in the wake of President-elect Donald Trump’s inauguration on Jan. 20, potentially including steps to bolster the crypto sector.

Texas Kicks off 89th Legislative Session with New Strategic Bitcoin Reserve Bill

Texas state Senator Charles Schwertner has introduced a bill in the new legislative session to establish a strategic Bitcoin reserve in the Lone Star State. 

“It’s time for Texas to lead the way in establishing a Strategic Bitcoin Reserve,” the Republican politician and physician said while announcing the Senate Bill (SB 778) on X on Jan. 16. 

“If passed and signed into law, [it] would make Texas the first state in the nation to establish a Strategic Bitcoin Reserve,” he said before adding, “This would position our state at the forefront of the digital economy, driving growth and securing economic freedom for our great state.”

QCP Capital Anticipates Crypto Market Boost on Trump’s Return

QCP Capital brought to the front that, after Trump’s inauguration, the crypto-friendly actions could trigger a major upturn in the market. At present, the recalibration of the expectations concerning Federal Reserve rate cuts has increased financial volatility.

Crypto enthusiasts expect Trump to address de-banking. This practice has excessively impacted the crypto businesses with a denial of crypto assets’ access to conventional banking services. Additionally, the market onlookers also anticipate Trump to repeal a stringent accounting policy for crypto. Critics consider this policy to be imposing an excessive burden on crypto entities in the case of financial reporting.

According to QCP Capital, if Trump removes the above-mentioned contentious policy for crypto accounting, the market will see a significant relief. As a result of this repealing and the de-banking issue, there is a great possibility for the crypto landscape to resurge to immense heights.

US Senate Banking Chair Tim Scott to Prioritize Crypto Regulation in New Agenda

Senate Banking Committee Chairman Tim Scott is prioritizing crypto regulation and financial innovation as part of his new legislative agenda, marking a shift in the committee’s approach to digital assets.

Scott aims to establish a regulatory framework that creates a tailored pathway for trading and custody of digital assets, including stablecoins, focusing on consumer choice, education, and protection.

Trump's New SEC Leadership Poised to Kick Start Crypto Overhaul

Top Republican officials at the U.S. Securities and Exchange Commission are poised to begin overhauling the agency's cryptocurrency policies potentially as early as next week when President-elect Donald Trump takes power, said three people briefed on the matter.

Among the measures commissioners Hester Peirce and Mark Uyeda are weighing are initiating the process that would ultimately lead to guidance or rules clarifying when the agency considers a cryptocurrency to be a security, and reviewing some crypto enforcement cases pending in the courts, two of the people said.

Paul Atkins, Trump's crypto-friendly pick for SEC chair and former agency commissioner, is widely expected to end a crypto crackdown led by President Biden's Democratic SEC chair Gary Gensler, but it is unclear when the Senate will confirm him.

Bitcoin Spot ETF Flow

On Jan 15 (Eastern Time), the total net inflow for Bitcoin spot ETFs was $755.01 million, according to SoSoValue data.

The Bitcoin spot ETF with the highest net inflow on Jan 15 was Fidelity Wise Origin Bitcoin Fund, with a net inflow of $463.08 million. Following that was Ark 21Shares Bitcoin ETF, with a net inflow of $138.81 million.