Bitcoin surged above $81,858 (ATH) after Donald Trump’s victory in office. Just a week after the election, the cryptocurrency price rose significantly, setting new records. This comes against the backdrop of a bullish run in the market, with some analysts predicting BTC to hit $100k before the end of the year.
In the past 24 hours, Bitcoin’s price rose by 3.06%, reaching $81,504. This marks a 6% increase over the weekend, with trading volumes exceeding $82.53 billion. The high trading volume means that there is still much demand for Bitcoin in the market, indicating further price rise. Futures market activity has also been bullish, with many traders chiming their confidence in a higher Bitcoin price.
The surge in Bitcoin’s price follows Trump’s strong stance on digital assets during his campaign. Many investors believe his reelection will lead to a more favorable regulatory environment for cryptocurrencies. Trump has vowed to make America the “crypto capital of the planet” and even proposed a national Bitcoin reserve. These promises have bolstered current market optimism.
In leveraged markets, traders have adjusted their strategies to reflect increased confidence in Bitcoin. Data from Coinglass shows that stop-loss levels have shifted from $62,000 to $72,000. This indicates that traders are now more willing to hold positions at higher levels, anticipating further gains.
Bitcoin Fog Founder Faces 12.5 Years of Prison SentenceBitcoin’s price has more than doubled from the year’s low of $38,505. It recently touched $81,572, breaching the earlier ATH of $81,500. However, other assets have not exhibited the same growth trend as Bitcoin’s price, which many traders have considered a sure investment in the new political climate.
While “Trump trades” in U.S. stocks and bonds have slowed since the election, Bitcoin’s upward movement continues. Matt Simpson, a senior market analyst at City Index, described the “Bitcoin Trump-pump” as alive and well. Many traders believe that Trump’s policies will further support the growth of digital assets.
As Bitcoin sets new records, traders are closely monitoring the political landscape. The coming months could bring even more growth for Bitcoin as expectations for cryptocurrency-friendly policies increase.
