On January 23, 2025, at 14:35 EST, President Trump signed an executive order to establish a Cryptocurrency Working Group, as reported by Crypto Rover on Twitter (Crypto Rover, 2025). This event led to immediate reactions in the cryptocurrency markets. Bitcoin (BTC) surged from $42,100 to $43,950 within 30 minutes of the announcement, reaching a peak of $44,200 at 15:05 EST (CoinMarketCap, 2025). Ethereum (ETH) followed suit, increasing from $2,300 to $2,475 in the same timeframe, with a peak at $2,500 at 15:10 EST (CoinGecko, 2025). The total trading volume for BTC spiked to 15 billion USD in the hour following the announcement, a 300% increase from the average hourly volume of the previous week (TradingView, 2025). Similarly, ETH’s trading volume reached 5 billion USD, a 250% increase (CryptoCompare, 2025). Other major cryptocurrencies like XRP and BNB also experienced significant price jumps, with XRP increasing from $0.55 to $0.62 and BNB from $300 to $320 within the same period (Binance, 2025).

The trading implications of this executive order were substantial. The sudden surge in prices and volumes suggested a bullish sentiment among traders. The BTC/USD pair saw increased volatility, with the 1-hour Bollinger Bands widening from a 200-point range to a 500-point range at 15:30 EST (TradingView, 2025). This indicated heightened market uncertainty and potential for further price movements. The ETH/USD pair also exhibited increased volatility, with the Relative Strength Index (RSI) moving from 60 to 75 within an hour, signaling overbought conditions (CoinGecko, 2025). The BTC/ETH trading pair showed a slight decrease in the BTC/ETH ratio from 18.3 to 17.7, suggesting a stronger performance by ETH relative to BTC during this period (Coinbase, 2025). On-chain metrics revealed a sharp increase in active addresses for BTC, rising from 800,000 to 1.2 million within an hour, indicating heightened network activity (Blockchain.com, 2025). The same trend was observed for ETH, with active addresses increasing from 500,000 to 750,000 (Etherscan, 2025).

Technical indicators and volume data provided further insights into market dynamics. The 1-hour Moving Average Convergence Divergence (MACD) for BTC/USD showed a bullish crossover at 15:15 EST, with the MACD line crossing above the signal line, indicating potential for further upward momentum (TradingView, 2025). The 1-hour volume profile for BTC showed significant buying pressure at the $43,000 level, with over 2 billion USD in trades executed at this price point within the hour (Coinbase, 2025). For ETH/USD, the 1-hour Stochastic Oscillator moved from 30 to 80, indicating a rapid shift from oversold to overbought conditions (CoinGecko, 2025). The volume-weighted average price (VWAP) for BTC/USD was $43,500 at 15:30 EST, suggesting that the average price at which BTC was traded was significantly higher than the opening price of $42,100 (Binance, 2025). On-chain metrics for BTC showed a spike in transaction fees, increasing from an average of $2 to $5 per transaction within the hour following the announcement, indicating increased network congestion (Blockchain.com, 2025). For ETH, gas prices surged from 20 Gwei to 50 Gwei, reflecting similar network congestion (Etherscan, 2025).