1 week Ago
Bitcoin surged to an all-time high, passing US$81,000 on Monday. The optimism about the change in the regulatory policies favouring cryptocurrencies due to a Trump win in the US presidential elections is propelling it. The world's leading digital currency touched an all-time high of US$81,899 earlier today and is now trading at US$81,572.
This dramatic move has witnessed a tremendous recovery where Bitcoin has almost doubled from its earlier low of US$38,505 this year. All messages from Donald Trump, starting from his stance in the presidential campaign regarding cryptocurrencies have raised investor faith. Trump’s vow to turn the US into the "crypto capital of the planet" with his promise to store national reserves with Bitcoins, reassured crypto investors further.
The expectation of the Republicans taking control of the US Congress has proven to be another boon to the growth of the crypto market. The crypto investor looks forward to a more lenient, less overbearing Congress. There is also an expectation of less regulation from the likes of SEC Chair Gary Gensler, whom Trump promised to fire.
Changes in the political landscape may provide much better ground for the crypto community when it comes to the acceptance of digital currencies. The crypto industry has been very promotional by spending more than US$119 million to support political figures standing for its interests. The pro-crypto candidates from both parties won crucial races in several states following the efforts of the crypto industry.
One big crypto opponent, Sherrod Brown, the Chairman of the Senate Banking Committee, was removed in Ohio. Trump has also ventured directly into crypto, launching World Liberty Financial, in September 2024. The former US president’s entry into the sector has been taken by many as a good omen for the future of digital currencies.
The platform introduces a new cryptocurrency token, WLFI, with a carefully planned distribution strategy. Read more It's not just Bitcoin doing all the talking. The Ethereum token, Ether, rose to a three-month high, hitting over US$3,200 for the first time since August.
On the other hand, the satirical cryptocurrency Dogecoin reached its three-year all-time high. The general crypto market has been experiencing a broader rally wherein altcoins are sharing similar deregulation optimism in the rise of Bitcoin. The more pro-crypto policies Trump enacts, the more the broader market looks bullish for the future of digital currencies.
With a Republican Congress and Trump’s interest in digital assets, the storm brewing for crypto investors is nothing short of perfect. Growth on a massive scale lies ahead..
