Market Euphoria Following Trump Win Pushes Bitcoin to $82,657 High
Monday saw Bitcoin reach yet another high as the cryptocurrency rally that followed Donald Trump‘s presidential victory continued. According to Coin Metrics, the flagship cryptocurrency’s price was last up 3.31% at $82,604. It had previously risen to $82,657. According to Susannah Streeter, head of money and markets at financial platform Hargreaves Lansdown, the market’s euphoria following Trump’s victory last week is what’s driving cryptocurrency’s upward trend.
His pledge to go all in on crypto has sent Bitcoin to fresh heady heights. He’s made an about turn on supporting the industry and is now vowing to turn the U.S. into the crypto capital of the world. Bitcoin speculators are betting on a more clement regulatory environment, and have expectations that the authorities may build up a reserve crypto fund, helping lift ongoing demand.
Streeter
Trump’s Pledge to Reshape U.S. Crypto Regulations Spurs Record ETF Inflows
Trump promised the cryptocurrency business throughout his campaign that the United States would become the crypto capital of the planet and that all bitcoin would be mined in the nation. In addition, he promised to remove Gary Gensler, the chairman of the U.S. Securities and Exchange Commission, who has taken a strong stance on cryptocurrency, even though the president lacks the authority to do so. Last week, Citi strategists pointed out in a research note that cryptocurrency was one of the “few Trump trades that has yet to retrace.” Additionally, they pointed out that spot cryptocurrency ETFs had experienced some of their biggest inflows ever since the election.
Part of the reason is due to the anticipated cryptofriendly nature of Trump’s administration, which investors hope will translate into regulatory clarity in the U.S. Specifically, net inflows for BTC and ETH ETFs in the two days post-election were $2.01bn and $132mn, respectively. We continue to see ETF flows as the main driver of Bitcoin returns.
the strategists, led by David Glass
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