Trump's Crypto Play: Steady Gains Amid Policy Ambiguity

Following Donald Trump's initial policy actions on digital assets, cryptocurrencies experienced marginal increases. A new executive order established a working group on digital financial technology, offering some clarity but lacking specific details. Bitcoin and ether remained stable, with market analysts advising caution amidst policy uncertainties.

Donald Trump's early policy decisions on digital assets have sparked minor gains in the cryptocurrency market, with Bitcoin and ether showing steadiness amid fluctuating expectations. Despite hopes for sweeping reforms, crypto assets responded cautiously after Trump commissioned a report on regulation and a crypto reserve.

Thursday's executive order, 'Strengthening American Leadership in Digital Financial Technology,' prompted mixed reactions. It advocated for banking protections for crypto firms and opposed a central bank digital currency, yet offered little in terms of concrete plans. The newly formed digital assets working group has a July deadline to propose regulatory amendments.

Market watchers expressed subdued enthusiasm, suggesting cryptocurrencies may see profit-taking over uncertainty in Trump's policies. Some of Trump's associated crypto ventures raised ethical concerns, while analysts noted that more explicit policy support is vital for further price boosts.

(With inputs from agencies.)