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Bitcoin is entering the second week of January with calm footing above $90K, as macro and regulatory narratives slowly reawaken. On Friday, soft US jobs data pushed market expectations for a Fed pause even higher, with traders now pricing a 95% chance of no rate hike this month. Meanwhile, no ruling came from the Supreme Court on Trump’s tariff case, disappointing those betting on a market jolt.

Still, institutional crypto momentum didn’t take a break. Florida lawmakers revived their plan to build a Bitcoin reserve, targeting a 2026 launch with stricter eligibility rules. Morgan Stanley also made headlines, unveiling plans to launch direct BTC, ETH, and SOL trading on its E-Trade platform, alongside a native wallet product. While price action remains muted, the structural and political backdrop for Bitcoin is turning decisively favorable.

Markets

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Bitcoin holds $90K as soft jobs data lifts Fed pause odds

Bitcoin continues to trade above $90K after weaker-than-expected US jobs data reinforced expectations for a Federal Reserve pause. Nonfarm payrolls rose by just 50,000 in December, below the downwardly revised 56,000 for November and well short of the Dow Jones estimate of 73,000. The unemployment rate edged up to 4.4%. Traders are now watching for fresh macro catalysts after the 95% pause odds, which aren’t favorable for Bitcoin, with attention shifting to potential Fed commentary on QE.

BTC saw little price movement on the day, dipping around 1% intraday before recovering. Other majors traded mixed, with Solana up 1%, while ETH and XRP slid slightly. The Supreme Court had been expected to issue a decision on Trump-era tariffs today but announced it would not rule yet. The delay left markets in limbo, with Polymarket odds for a Trump-favorable outcome slipping to 26%. A ruling against Trump could pave the way for renewed economic expansion, offering potential upside for Bitcoin and other risk assets.

Florida revives Bitcoin reserve bill, Morgan Stanley expands trading access

Florida has proposed a new bill to create a “Florida Strategic Cryptocurrency Reserve,” targeting a 2026 launch. The bill mandates the state CFO to oversee the fund, which is limited to assets with an average market cap above $500B over the last 2 years, effectively Bitcoin. The reserve would be isolated from public funds and held under strict custody rules. It revives a 2025 plan that stalled in committee, with broader national context now in play.

In parallel, Morgan Stanley is preparing to launch BTC, ETH, and SOL trading for all E-Trade users, including IRA accounts, alongside a native wallet product. The announcement builds on the firm’s earlier adoption of Bitcoin ETFs and recent ETF filings, reinforcing a growing wave of TradFi crypto integrations.