Anticipating that pro-crypto political elections in the United States will usher in a golden age for digital assets, Bitcoin has surged beyond $82,000, reaching a new all-time high. As the crypto sector celebrates Donald Trump’s election and a string of wins for pro-crypto congressional candidates, confidence has grown around regulatory measures that might favor cryptocurrency markets. The most popular cryptocurrency in the world, Bitcoin, has more than doubled in value since its previous low of $38,505, reaching a record $82,413 before ending at $81,991.
Pro-crypto, Trump’s campaign pledged to create a national reserve of bitcoin and sought to establish the United States as the “crypto capital of the planet.” “Bitcoin’s Trump-pump is alive and well,” said Matt Simpson, a senior market analyst at City Index, referring to the Republican party’s Congressional power that has stoked expectations for the liberalization of digital currencies.
Even while Trump may not be directly focused on cryptocurrency right now, investors are concerned about the possible termination of stringent monitoring by the U.S. Securities and Exchange Commission, which is headed by Gary Gensler, whom Trump has promised to fire. More than $119 million was donated by the cryptocurrency sector to support pro-crypto politicians, many of whom were successful. One significant win in Ohio was the dismissal of Sherrod Brown, the chair of the Senate Banking Committee and a well-known opponent of cryptocurrency. Additionally, pro-crypto candidates from both major parties were successful in North Carolina, Alabama, West Virginia, Indiana, and Michigan.
Trump recently entered the cryptocurrency space with the establishment of World Liberty Financial, which has excited investors who see it as a positive move. A prominent member of The Trump Organization, Eric Trump, will shortly speak at a significant bitcoin conference in Abu Dhabi, and prominent allies like Elon Musk are supporting Trump’s pro-crypto position.
According to Marion Laboure, an analyst at Deutsche Bank, a Trump administration may bring about tighter rules, more institutional adoption, and improved market infrastructure, all of which would help bring cryptocurrency into the mainstream of finance.
Citigroup data shows that since Trump’s election, Bitcoin ETFs have also received record inflows, bringing in $1.38 billion on Nov. 7. This flood has demonstrated how investor interest has increased. Ether crossed $3,200 for the first time in three months, while Dogecoin hit a three-year high, indicating that the gains have been widespread.
According to Laboure, the expected rate reduction by the Federal Reserve may further create a favorable climate for cryptocurrencies, making 2024 a historic year for the world of digital assets.
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