Crypto execs funneled millions in donations to swing this election, and now their man is in charge. Here’s how Donald Trump’s “crypto cabinet” could shape the next four years.

On Tuesday, the price of bitcoin returned above $97,000, as as speculation swirled within the crypto industry about a potential executive order on cryptocurrency during the first day of Donald Trump’s second presidency.

Bitcoin price predictions exceed $100,000 for January 2025 as analysts cite Trump policies and institutional adoption as key drivers.

Bitcoin has changed direction after weeks of retreat during which crypto investors dumped risky assets. The cryptocurrency rose 4% in the past 24 hours to $100,000 immediately following the release of closely-watched inflation data.

Bitcoin-Nasdaq correlation reached its highest level in two years, as the release of US inflation data bolstered digital asset performance. Bitcoin and US tech stocks now have a 30-day correlation coefficient of 0.

Bitcoin's recent rally has attracted conservative investors with many pension funds showing increased interest in crypto.

Pension schemes for the states of Wisconsin and Michigan are among the top holders of US stock market funds devoted to crypto, while some pension fund managers in the UK and Australia have also made small allocations in recent months to bitcoin using funds or derivatives.

During a great year for cryptocurrencies, hedge funds focused on digital assets unsurprisingly did very well, too. It’s just that many didn’t do as well as the industry’s most famous token: Bitcoin.