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Bitcoin has seen a significant rise after Donald Trump was declared the winner of the US presidential election and after the Federal Reserve announced an interest rate cut.
After the positive news, the price of Bitcoin exceeded the $75,000 barrier for the first time, and the price of the currency reached an all-time high.
According to Ryan Lee, Director of Analysis at Bitget Research, this rise reflects the positive response from the cryptocurrency community, which is anticipating more supportive policies for digital assets under the second Trump administration, especially after his previous statements that hinted at considering Bitcoin a strategic asset.
Trading platforms have seen bets on Bitcoin and other crypto assets rise, amid expectations that Trump’s upcoming policies may be more flexible towards digital currencies.
Analysts believe that Trump's victory may push Bitcoin to continue its rise without major corrections, which sets the stage for further gains in the near term.
But challenges remain, as new policies may face difficulties in passing in Congress, which could affect the pace of expected support for cryptocurrencies.
However, the market cap of stablecoins has maintained its historical levels at $160 billion, providing strong support for the movement of Bitcoin and other digital currencies.
