Bitcoin, Ethereum Rise, Dogecoin Dips Amid Pro-Crypo Announcements From Trump: Top Trader Sets Sight On $500,000 BTC Target, $20,000 For ETH

Leading coins rose marginally on a day of cryptocurrency-friendly policies announced by the Donald Trump administration.

CryptocurrencyGains +/-Price (Recorded at 8:15 p.m. ET)
Bitcoin BTC/USD+0.41%$103,569.49
Ethereum ETH/USD
               
+1.62%$3,299.95
Dogecoin DOGE/USD          -3.09%$0.3484

What Happened: Bitcoin recorded choppy momentum over the last 24 hours, surging to a high of $106,500 in the morning before falling to $103,000 by the evening.

The morning rally was triggered by speculations of an executive order to create a strategic Bitcoin reserve. Eventually, Trump signed an order that will  evaluate the creation of a "strategic national digital asset stockpile."

Additionally, a SEC directive that restricted banks' ability to custody cryptocurrencies was repealed.

Ethereum surged more than Bitcoin, probably due to expectations of inclusion in the potential digital asset stockpile.

More than $382 million was liquidated from the cryptocurrency market in the last 24 hours, with long liquidations accounting for $262 million. However, Bitcoin's rebound to $107,000 could liquidate nearly $368 million worth of short positions.

More than 50% of trader accounts on Binance placed long positions on Bitcoin, suggesting expectations of a rebound.

The market sentiment remained one of "Greed," according to the Crypto Fear & Greed Index.

Top Gainers (24-Hours)

CryptocurrencyGains +/-Price (Recorded at 8:15 p.m. ET)
Mantle (MNT)+10.53%$1.22
KuCoin Token (KCS)+7.71%$12.09
Ethereum Classic (ETC)+5.94%$28.56

The global cryptocurrency market capitalization stood at $3.56 trillion, contracting marginally by 0.17% in the last 24 hours.

Stocks extended their winning streak on Thursday. The S&P 500 rallied 0.53% to close at a new record high of 6,118.71. The Dow Jones Industrial Average lifted 408.34 points, or 0.92%, to end at 44,565.07. The tech-focused Nasdaq Composite gained 0.22%, closing at 20,053.68.

The bump comes after President Donald Trump advocated immediate cuts in interest rates during a virtual address at the World Economic Forum 2025.

The market also possibly factored Trump's remarks that corporate taxes will be cut from 21% to 15% for companies that manufacture in the U.S.

See More: Best Cryptocurrency Scanners

Analyst Notes: Popular on-chain analytics firm Santiment highlighted the new all-time high for wallets holding between 100 and 1,000 BTC—one of Bitcoin's leading indicators.

"This rise in key stakeholder confidence is yet another promising sign for a bullish 2025," the firm added.

Popular cryptocurrency trader Michaël van de Poppe set a price target of $500,000 per Bitcoin and $20,000 per Ethereum, owing to the latest cryptocurrency-friendly executive orders by President Trump.

"The cycle has begun," he remarked.

Photo by SvetlanaParnikova on Shutterstock

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