Bitcoin Hits Record High Amid Trump’s Victory
Bitcoin reached a new all-time high on Monday, following a surge last week, buoyed by optimism surrounding Donald Trump’s win in the 2024 presidential election. The broader cryptocurrency market also experienced a rally, with Dogecoin hitting a three-year peak.
- Bitcoin traded at around $86,117.0 by 14:59 ET, marking a record high.
- The sentiment towards cryptocurrencies remained positive due to Trump’s victory.
Bitcoin’s Rally Fueled by Trump Cheer
The surge in Bitcoin and other cryptocurrencies was primarily driven by expectations of Trump implementing crypto-friendly policies during his presidency. Trump’s pro-crypto stance and promises to make America a crypto hub boosted investor confidence in the industry.
- Traders bet on the SEC softening its stance towards cryptocurrencies under Trump’s administration.
- The industry is expected to gain more legitimacy as an investment vehicle.
Crypto ETFs Witness Inflows
Optimism surrounding a Trump presidency led to significant inflows into crypto exchange-traded funds in recent sessions. Bitcoin ETFs saw a record $1.38 billion inflows last Thursday, with Blockrock’s iShares Bitcoin Trust leading the way.
- Institutional interest in crypto has been on the rise, especially after the launch of spot Bitcoin ETFs in the US.
- Bitcoin’s gains in 2024 have reached approximately 91%.
Bernstein Recommends Buying Crypto
Bernstein analysts anticipate a new bull market for cryptocurrencies under Trump’s presidency and advise investors to capitalize on the opportunity. They foresee a favorable regulatory environment and expect crypto-friendly policies from the SEC.
- Trump’s proposals, including a national Bitcoin reserve, have boosted Bitcoin’s price.
- Bernstein maintains a price target of $200,000 for Bitcoin by 2025.
Crypto Price Today: DOGE Shines
While most major altcoins saw a mixed performance on Monday, Dogecoin stood out with a 29% surge to a three-year high. Speculation over Elon Musk potentially joining the Trump administration fueled DOGE’s rally.
- Ethereum, Ripple, and Litecoin experienced slight declines.
- Solana jumped over 5% amidst the market fluctuations.
In conclusion, the recent surge in Bitcoin and other cryptocurrencies can be attributed to positive sentiment surrounding Trump’s victory and expectations of crypto-friendly policies. Institutional interest, regulatory developments, and prominent figures’ involvement continue to drive the market forward. Investors should stay informed and consider diversifying their portfolios to capitalize on the evolving landscape of digital assets.