Bitcoin (BTC) approaches the goal of recovering the $90,000 mark by the opening of Wall Street on Wednesday, amid US President Donald Trump’s commitment to sign legislation supporting cryptocurrencies.
Donald Trump commits to early cryptocurrency legislation
According to data from TradingView, BTC price increased by 1.7% during the day as Trump spoke at the World Economic Forum in Davos, Switzerland.
BTC chart on a one-hour timeframe | Source: TradingView“To promote innovation, savings, and financial development, I am working to ensure that America remains the center of the world’s cryptocurrency industry. Therefore, I have signed into law the groundbreaking Genius Act,” Trump affirmed.
“Currently, Congress is actively drafting legislation on the structure of the cryptocurrency market — including Bitcoin and many others — which I hope will be signed into law soon, opening new opportunities for Americans to access financial freedom.”
Additionally, Trump also stated he would not use force to control Greenland, a declaration positively received by the stock market, with the S&P 500 rising 0.5% at the time of writing.
“The stock market will double,” he predicted about the Dow Jones.
“We will reach 50,000 points, and the stock market will grow significantly in a relatively short period.”
Dow Jones Industrial Average chart on a one-hour timeframe | Source: TradingViewTrump’s statements come amid market anticipation of a trade response from the EU regarding Greenland. Globally, Japan’s bond market — which has a significant influence on the cryptocurrency market — continues to attract attention.
“After decades of maintaining near-zero interest rates, Japan’s 10-year bond yield has risen to about 2.29%, the highest since 1999,” said trading firm QCP Capital in its latest “Asia Color” market update.
“This change is exposing serious fiscal weaknesses: government debt now exceeds approximately 240% of GDP, total debt reaches nearly 1,342 trillion yen, and debt service costs are expected to account for about a quarter of the budget by 2026,” QCP Capital analyzed.
“As yields rise, Japan’s ability to sustain its public finances is questioned, and the ripple effects on the global bond market further confirm Japan as a key factor in creating volatility.”
Japanese government bond purchases | Source: The Kobeissi Letter/The Kobeissi Letter also warns that demand for Japanese government bonds is “severely declining.”
“The Japanese bond market crisis is deepening,” the newsletter stated on X social media.
The 2026 milestone remains a focal point for Bitcoin price attraction
Previously, Coinphoton reported on BTC price movements in January, when BTC/USD approached the 2026 milestone at the start of the year.
This movement filled the “gap” in CME Group’s Bitcoin futures market, with only gaps remaining above the price, creating a potential foundation for a sustainable recovery.
“$BTC There is a very strong buy wall. This indicates that the support zone is extremely robust,” trader CW commented.
BTC/USDT daily chart | Source: CW/XDaan Crypto Trades recommends closely monitoring local lows and suggests that BTC/USD “dropping below” the 2026 start mark could even benefit future growth.
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