Hello, crypto enthusiasts! What a time to be alive!
Bitcoin has surged past $80,000 (£62,000) for the first time, following Donald Trump’s decisive win in the US election last week. With Republicans now close to controlling Congress and already holding the presidency and Senate majority, the crypto market is seeing a significant boost.
During his campaigns, Trump pledged to make the US “the crypto capital of the planet.” As a result, Bitcoin, the world’s largest cryptocurrency, has risen over 80% this year. Other digital assets, including dogecoin — popularized by high-profile Trump supporter Elon Musk — are also experiencing gains.
Trump also proposed creating a national Bitcoin reserve and hinted at appointing digital asset-friendly financial regulators. This has raised expectations of reduced regulations in the crypto sector. Trump has also stated that, as president, he would dismiss Gary Gensler, the current SEC chair appointed by Joe Biden in 2021, who has been leading a crackdown on cryptocurrency.
“If the Trump administration loosens crypto regulations, it could be very bullish for the industry,” said Matt Simpson, a market analyst at StoneX Financial, noting that Bitcoin could potentially rise to $100,000. Still, he warned of possible sharp corrections that may impact smaller investors.
Trump’s broader agenda, focused on tax cuts and deregulation, has driven a surge across various investments. With the Republicans potentially controlling both the executive and legislative branches, they have a unique opportunity to advance Trump’s policies quickly.
Now, is here to stay? That is the big question! Should I join crypto trade now?
With Trump hinting at crypto-friendly policies, like building a national Bitcoin reserve and appointing digital asset-friendly regulators, optimism is high. But as market analyst Matt Simpson points out, while this could push Bitcoin even higher, we might still see some bumps along the way—especially for smaller investors.
All eyes are on the new administration to see if crypto’s next chapter will truly soar!
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