Bitcoin has stabilized around the $105,000 mark, as analysts attribute the recent market calm to Donald Trump's new SEC and CFTC appointments, which have helped alleviate the heightened volatility seen during his inauguration on Monday. 

"Though the inaugural speech made no mention of bitcoin or crypto, some investors who quickly dumped their coins are perhaps reconsidering following the appointment of pro-crypto Mark Uyeda and Caroline Pham, both will lead the US SEC and CFTC respectively," WeFi Head of Growth Agne Linge told The Block. "If the US SEC can release new rules to permit Web3 innovators to create new markets with blockchain’s potential, the upside is high for all stakeholders involved."

President Trump has selected Mark Uyeda, a senior official at the U.S. Securities and Exchange Commission (SEC), to lead the agency in the interim until a permanent chair is appointed. Uyeda has been a vocal critic of the SEC's crypto approach under former Chair Gary Gensler, calling its enforcement policies "poorly conceived" and urging for more clarity on crypto regulation.

QCP Capital analysts also view the new SEC leadership as a positive for the crypto sector. "The U.S. Securities and Exchange Commission’s new leadership has introduced a task force dedicated to developing a regulatory framework for crypto assets. This initiative promises to be a game-changer for the digital asset space," QCP Capital stated.

Additionally, Trump appointed CFTC Commissioner Caroline Pham to serve as acting chair of the agency. Pham has been a strong advocate for digital assets, leading initiatives like the creation of a Digital Asset Markets subcommittee to make recommendations on governance and risk. In 2023, she called for a "U.S. regulatory sandbox" to foster innovation in emerging technologies and proposed a pilot program for digital assets.

The largest digital asset by market capitalization has stabilized, coinciding with a drop in the U.S. Dollar Index (DXY) following President Donald Trump’s tariff-related announcements. In the past 24 hours, the DXY fell from 109.405 to 107.788. A decline in the DXY typically signals a softer U.S. dollar, prompting investors to seek alternative assets like bitcoin or risk assets like stocks to preserve their purchasing power.

"Bitcoin's performance, particularly in relation to Trump's inaugural speech, highlights how investors often see it as a safe haven amid political and economic turmoil, contributing to its relative stability," Bitget COO Vugar Usi Zade told The Block. "The effectiveness of the current administration in tackling key policy issues such as crypto regulation and fiscal concerns will play a crucial role in determining whether bitcoin can maintain its consistent performance."

Broader markets have reacted positively to the prospects of Trump’s economic policies. U.S. stock futures have posted gains, with Dow Futures rising by 0.15%, S&P 500 Futures up by 0.40%, and Nasdaq Futures advancing by 0.77%.

Meanwhile, bitcoin futures continue to trend upward, particularly at the front end, as last week's solid net-long exposure remains intact. "Currently, bullish bets outnumber bearish ones by a ratio of around 20:1," QCP Capital analysts said.

In the options market, data from Deribit indicates a strong preference for out-of-the-money (OTM) calls across the bitcoin term structure. However, there are also signs of hedging activity with puts. Over the past 24 hours, the most notable put options for the February expiry were at strike prices of $75,000 and $70,000.

Derivatives traders are hedging with a spike in bitcoin put options ahead of the end-of-February expiry. Image: Deribit.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

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