• Bitcoin Surges Past $89,000 Amid Trump's Crypto-Friendly Policies

  • Nov 12 2024
  • Length: 3 mins
  • Podcast

Bitcoin Surges Past $89,000 Amid Trump's Crypto-Friendly Policies

Listen for free

View show details

  • Summary

  • In a dramatic turn of events, Bitcoin has surged past $89,000, marking a new all-time high and propelling the overall crypto market value above its pandemic-era peak. This record-breaking rally is largely attributed to the election victory of Donald Trump, who has vowed to implement more favorable crypto regulations.

    Since the US election on November 5, Bitcoin has jumped by approximately 32%, with the cryptocurrency touching $89,599 early on Tuesday. This significant rise has been fueled by Trump's pro-crypto stance, a stark contrast to the crackdown on the industry by the Securities & Exchange Commission under the Biden administration.

    Trump's campaign promises include setting up a strategic US bitcoin stockpile and boosting domestic mining of the token. These pledges have energized speculative buying across the crypto market, driving the total value of digital assets to about $3.1 trillion, according to CoinGecko data.

    "The question for traders not already set is whether there is still room to chase this red-hot play, or wait for a slight retracement and for some of the heat to come out of the impulsive trend," noted Chris Weston, head of research at Pepperstone Group. Investors are now betting that Bitcoin could pass $100,000 by the end of the year, as indicated by data from the Deribit exchange.

    MicroStrategy Inc., the largest publicly-traded corporate holder of Bitcoin outside the ETF sector, has further bolstered the market by purchasing about 27,200 Bitcoins for $2 billion between October 31 and November 10.

    The euphoria extends beyond Bitcoin, with other cryptocurrencies like Ethereum and even Dogecoin experiencing significant surges. Crypto miners such as Riot Platforms, MARA Holdings, and CleanSpark have also seen their stocks rise substantially, reflecting the market's optimism about Trump's crypto-friendly policies.

    Trump's support for the crypto industry has been a recent development, as he had previously labeled it a scam. However, his about-face has turned Bitcoin into one of the key "Trump trades," alongside US stocks and the dollar, which are also advancing due to his focus on domestic economic growth, tax cuts, and protectionist tariffs.

    As the crypto market continues to soar, analysts caution about the potential for a period of digestion following such a steep run-up. "It would be natural to see a period of digestion after such a steep run-up," advised Katie Stockton, technical analyst at Fairlead Strategies LLC, recommending a "short-term neutral bias."

    The current surge is not just about price milestones but also signals a broader market acceptance of Bitcoin as a more stable and politically favored asset. With Trump's administration expected to usher in a more crypto-friendly environment, the future looks promising for digital assets, marking a significant shift in the regulatory landscape and investor sentiment.
    Show more Show less
Show more Show less
activate_Holiday_promo_in_buybox_DT_T2

What listeners say about Bitcoin Surges Past $89,000 Amid Trump's Crypto-Friendly Policies

Average customer ratings

Reviews - Please select the tabs below to change the source of reviews.

Audible.com reviews

Amazon reviews
No Reviews are Available