Bitcoin’s four-year boom-bust cycle could be shaken up as Wall Street has a clearer path to adopt crypto after Donald Trump’s executive order, says Bitwise’s Matt Hougan.

"God candle," Samson Mow, a bitcoin developer who leads the Jan3 bitcoin wallet company, posted to X and referring to a sudden spike in the bitcoin price that creates a "candle" on a trading chart as the bitcoin price suddenly soared, hitting $109,400 on the Coinbase bitcoin and crypto exchange.

During 2024’s presidential election, the crypto industry gave generously to Donald Trump, lobbying hard for him to win. Now that their guy is in the White House, they’re hoping he will deliver on his promise to make America the “world capital” of cryptocurrency.

Donald Trump signed his first executive order on crypto, establishing a working group and prohibiting CBDCs without mentioning Bitcoin.

Key Takeaways Trump signed an executive order on digital assets, seeking recommendations on regulations and possibly setting up a digital stockpile.The SEC has already become more friendly to the crypto industry by rescinding SAB 121,