Trump’s Pro-Crypto Orders See Bitcoin Futures Open Interest Jump, Then Unwind
Bitcoin is close to revisiting last week’s highs after U.S. President Donald Trump’s pro-crypto announcements on Thursday.
Up 3% from this week’s open, Bitcoin is trading close to $117,000, CoinGecko data shows.
The spurt in buying pressure follows Trump’s executive orders to include crypto in 401(K)s and prohibit the debanking of crypto-related initiatives.
The top crypto jumped 2.3% from Thursday’s open to set a daily high of $117,580, causing nearly $300 million in short positions to be forced closed or liquidated, marking a three-week high.
“While it’s very positive news for the industry and investors, we don’t anticipate this action alone having an outsized impact on near-term prices,” Gerry…
