The pioneer cryptocurrency Bitcoin recently set a new all-time high, reaching an astonishing $97,858. This is a significant milestone for the world's most popular cryptocurrency, bringing its market value close to $2 trillion. Bitcoin's rally was particularly strong in the two weeks following Donald Trump's victory in the U.S. presidential election, with many referring to it as the 'Trump trade' due to his victory's positive impact on Bitcoin prices.
The 'Trump trade' continues to be strong
The price of Bitcoin has been rising unstoppable, especially after Donald Trump won the election. As his victory became more apparent, Bitcoin soared, breaking the historical high of $73,737 set in March.
The market rebound that began after Donald Trump’s victory remains strong, having surged 35% since then.
Due to government support for cryptocurrencies and the Fed's new interest rate cuts, traders feel more confident. This surge is now referred to as the 'Trump trade,' with increases seen across all sectors from stocks to bonds since his election.
Why are people optimistic?
The excitement surrounding Bitcoin is not just due to Trump's victory. Trump's team is considering appointing blockchain expert Teresa Goody Guillén as the next SEC chair. Her appointment could be a positive signal for the cryptocurrency world.
Meanwhile, reports from Fox Business reporter Eleanor Terrett even suggest that prominent cryptocurrency supporter Brian Brooks may be the top choice for the position.
In addition, there are rumors that Trump's media company, Trump Media Technology Group, is negotiating to acquire the popular cryptocurrency exchange Bakkt. This has sparked more interest in Bitcoin, making people more confident about the future of Bitcoin.
Big investors join
Another reason for the rise in Bitcoin prices is the increasing interest from large investors. Recently, BlackRock launched Bitcoin options trading through its iShares Bitcoin Trust (IBIT). According to Coinpedia News, the trading volume on IBIT's first day reached an astonishing $1.9 billion, setting a new record for Bitcoin ETFs.
With support from Trump's victory and participation from large institutions, the future of Bitcoin looks brighter than ever.
