Extreme Investor Network presents: Trump’s Victory Boosts Bitcoin to Record Highs
Bitcoin enthusiasts around the world are celebrating as the digital currency soared past $81,000 for the first time. This unprecedented rally is largely attributed to President-elect Donald Trump’s positive stance on digital assets and the anticipation of having pro-crypto lawmakers in Congress.
The largest token experienced a significant 6.1% surge on Sunday, reaching an all-time high of $81,497 early Monday morning in the Asian market. This bullish sentiment also lifted smaller coins like Dogecoin, a favorite among meme enthusiasts and notably supported by Trump ally Elon Musk.
Trump’s victory has created a wave of optimism within the digital-asset industry, with many traders excited about the potential for a crypto-friendly regulatory environment under his administration. His campaign promises to prioritize the US digital-asset industry, including establishing a strategic Bitcoin stockpile and appointing regulators who understand and support digital assets, have further fueled the market’s enthusiasm.
Aside from the crypto market, Trump’s broader agenda of stimulating domestic economic growth, implementing tax cuts, and reducing bureaucratic hurdles has led to a surge in various asset classes, including stocks, credit, and crypto. The S&P 500 index reached a record high last week, marking its 50th milestone in 2024.
Bitcoin’s impressive 92% gain so far this year has been supported by strong demand for US exchange-traded funds (ETFs) dedicated to digital assets and interest-rate cuts by the Federal Reserve. In particular, BlackRock Inc.’s $35 billion iShares Bitcoin Trust has seen a record net inflow of nearly $1.4 billion, indicating growing investor interest in the cryptocurrency market.
The contrasting approach to digital assets between Trump and his predecessor, President Joe Biden, is evident. While Biden’s administration took a stricter stance on cryptocurrencies, Trump’s victory has renewed hopes for favorable regulation and a more supportive environment for the digital-asset industry.
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