FX168 financial news agency (Asia Pacific) reported on Friday (November 22) that Bitcoin surged above $99,000, reaching $99,295, hitting a new all-time high but failed to break through $100,000 before falling back. The media technology group, TMTG, owned by the US President-elect, Donald Trump, hinted at accepting cryptocurrency transactions and payments in the trademark application for TruthFi. There are rumors of the White House setting up a cryptocurrency advisory committee, aiming to fulfill Trump's pre-election promise of a Bitcoin national strategic reserve.

(Source: FX168)

CoinTelegraph reported that Trump's TMTG social media company revealed possible plans to engage in cryptocurrency trading and payment services, and applied for a new trademark for TruthFi. According to documents submitted to the United States Patent and Trademark Office (USPTO) on November 18, Trump's media is applying for a trademark for computer software that can be used for digital wallets, cryptocurrency payment processing, fiat money, and digital asset transactions.

(Source: USPTO)

Other parts of the document mention market analysis data and statistical data for financial research, as well as financial custody services, specifically for 'custody of financial assets for others for financial management purposes.'

Gerben Intellectual Property trademark lawyer, Josh Gerben, shared a summary of the Thursday document on Twitter, speculating that this indicates TMTG's plans for a cryptocurrency platform. Gerben said: 'The documents submitted to the United States Patent and Trademark Office on Monday indicate that Trump's media plans to offer digital wallets, cryptocurrency payment processing services, and digital asset trading platform.'

It is currently unclear how the progress of Trump's ambition to hold over 53% of the majority shares of TMTG's cryptos is going. So far, the main function of TMTG is to operate the Truth Social social media platform.

According to the US Patent and Trademark Office website, applications submitted between April 17 and May 1 are currently under review.

The institution stated that registering a new trademark typically takes at least 12 to 18 months, and due to the 'complex process,' there may be delays in the registration process.

According to the Financial Times of the United Kingdom, TMTG is in deep negotiations to acquire Bakkt, a crypto exchange under the Intercontinental Exchange, through a full stocks acquisition.

Further reading: Market suddenly surges dramatically! Trump's major news: Negotiating to fully acquire Bakkt crypto exchange.

If this deal goes through, it will be another move for Trump-supported businesses to enter the crypto field.

According to Reuters, many crypto companies, including Ripple, Kraken, and Circle, are competing for seats on the crypto advisory committee that Trump has promised to establish.

(Source: Reuters)

According to sources, the advisory committee may be under the National Economic Council of the White House or an independent White House department, with main responsibilities including coordinating digital assets policies, collaborating with Congress to develop crypto legislation, establishing a bitcoin reserve, and cooperating with institutions such as the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC) and the Treasury Department.

In addition, the Trump team is also considering establishing a crypto "czar" role to lead the committee. During his election campaign, Trump promised to build an image of a "crypto president", ending the strict regulation of crypto companies by current President Biden, and ensuring access to banking services for crypto companies through executive orders.

Informed sources revealed that Coinbase CEO Brian Armstrong recently met with Trump, while Circle CEO Jeremy Allaire openly expressed willingness to join the committee. At the same time, Paradigm and the crypto division of Andreessen Horowitz (a16z) are also expected to have a seat on the committee.

However, some consumer groups warn that the crypto industry should not dominate rulemaking, and appointments of relevant individuals may be delayed due to ethical issues. Nevertheless, industry experts state that involving professionals knowledgeable about the crypto industry in policy-making will help develop the crypto industry as a strategic asset.

Trump's decentralized finance (DeFi) platform, World Liberty Financial (WLFI), went live on September 16. However, the subsequent token issuance fell short of expectations, only reaching slightly over 3.4% of its $0.3 billion target.

Trump's campaign team made multiple commitments to support cryptocurrencies, including ending hostility towards the crypto industry and accumulating strategic reserves of bitcoin.

As bitcoin challenges the $100,000 new milestone, the state of Pennsylvania in the USA passed the Bitcoin Rights Bill with a vote of 176-26. House Bill 2481 affirms the rights of individuals and businesses to self-custody digital assets, operate blockchain nodes, and engage in transactions without interference from restrictive local ordinances. The state continues to advance new legislation, proposing strategic bitcoin reserves.

Further reading: Breaking news from the USA! The "Bitcoin Rights Act" proposed with a strategic Bitcoin reserve by a 176-26 vote in Pennsylvania.

Gary Gensler, chairman of the SEC, confirmed that he will step down on January 20, 2025, when Donald Trump is sworn in. The US court overturned the broker-dealer rules set by the SEC, and the Consumer Financial Protection Bureau (CFPB) excluded cryptocurrency wallets from regulation.

Extended reading: [Bitcoin Daily] SEC chair announces resignation! Bitcoin surges past 0.0989 million as court suddenly overturns major policy.

Bitcoin Technical Analysis

Oanda analysis points out the difficulty of Bitcoin's technological prospects, as there is no historical price trend for analysis, and the sharp increase in the Bitcoin derivatives market poses volatility risks.

From the perspective of the RSI, since Bitcoin broke through $75,000, it has been in the overbought territory. Another sign indicates that although the RSI is in the overbought region, it does not guarantee a pullback will occur.

Currently, the immediate support level is at 95,000. If broken, it may move towards 91,804, and then look towards the psychological level of 90,000.

Looking ahead to the upward trend and the major milestone of $100,000 may lead to some sharp price fluctuations, as market participants may also consider taking profits.

In addition, currently, bitcoin will focus on the integer/psychological numbers around $105,000 and $110,000.

(Source: Market Pulse)