White House Crypto Role Under Discussion as Bitcoin Hits $98,000 All-Time High
Crypto enthusiasts have been left guessing after news emerged that Trumps transition team is reportedly considering establishing a dedicated White House crypto role.
This development comes even as Bitcoin (BTC) hits record highs of $98,342, owing to unlimited cash inflows and institutional adoption.
A Crypto Czar for the White House?
According to a Bloomberg Law report on 20th November, insiders say Trumps team is exploring the idea of a crypto czar. This would be the first-ever White House position specifically for digital assets.
Candidates are already being vetted, and industry executives have reportedly met with Trumps transition team this week.
This move could signal a shift in how the U.S. government views crypto. A dedicated policy role might bring much-needed clarity to the space. It could also show that the administration sees crypto as a serious part of the financial future.
Meanwhile, Bitcoin is in the process of taking the shine. According to data from Glassnode, capital inflow into the crypto market has stood at $62.9 billion in the last thirty days. Currently, BTC is leading by example, with institutional investors fueling much of the action.
Bitcoins market capitalization has reached $1.9 trillion, more than silver ($1.763 trillion) and Saudi Aramco ($1.791 trillion). It is now the seventh most valuable asset in the international market.
This is not just a price phenomenon but a trend change in the market investors. Gold was up only 5.3% this quarter, and silver only 8%. Bitcoin? A staggering 61.3%. These figures indicate that investors are in search of innovation; they are in search of something digital.
Source: Glassnode
Spot Bitcoin ETFs Are Changing the Game
A big part of Bitcoins rise comes from U.S. spot ETFs. These funds have been snapping up coins, absorbing about 90% of the selling pressure from long-term holders (LTHs) in the last month. Between October 8 and November 13, ETFs added 128,000 BTC to their portfolios.
But theres a twist. Long-term holders are starting to cash out. As Glassnode reported, theyve sold 200,000 BTC in the past month as prices soared. This is typical when profits hit certain levels, and Bitcoin is now above the +350% profit threshold.
Still, the bull run might not be over. Historical patterns suggest these rallies can last 4 to 11 months from this point. Bitcoins current momentum mirrors past cycles almost perfectly.
Institutional demand is also keeping things steady. While long-term holders sell, ETFs are picking up the slack. This balance is critical for market stability.
This is a crucial moment in the history of cryptocurrencies. The proposal for the position of the White House crypto czar indicates that policymakers are awake to the trends. On the same note, Bitcoin continues to set record-high prices, consolidating its position within the digital assets market.
This could be the defining moment of crypto, at least in the coming months. Policy decisions and market dynamics collide in a way weve never seen before. And Bitcoin? Its leading the charge into uncharted territory.
Read more: https://zycrypto.com/white-house-crypto-role-under-discussion-as-bitcoin-hits-98000-all-time-high/
Text source: ZyCrypto
