Bitcoin breaks record - Increases to 90 thousand dollars with the support of the Trump administration!
Bitcoin rallied to the $90,000 mark on Tuesday, riding a wave of euphoria since the election of Donald Trump as US president on expectations that his administration will be crypto-friendly. The world's largest cryptocurrency has been one of the top movers in the week since the election and hit $89,982, a gain of around 30% since November 5. It was last down 1.4% at $86,730.
Bitcoin is rising along with Elon Musk's Tesla carmaker, which is up nearly 40% since the election results came out, as investors feel that Trump's friends and interests will be fine while he is in office. "Crypto enthusiasts feel they have a like-minded future president," said Alvin Tan, head of Asia FX strategy at RBC Capital Markets.
"The thing about bitcoin at the end of the day is there's no valuation anchor for it, it's hard to get fair value. So when sentiment is very positive, it gets hijacked a lot more than other asset classes."
Trump embraced the digital asset during his campaign, promising to make the United States the "crypto capital of the planet" and to amass a national bitcoin reserve. It is not clear how and when this might happen, but the possibility caused a speculative surge in crypto mining and trading.
"I think it increases the chances that other nation states will buy bitcoin in an attempt to lead the US," said Matthew Dibb, chief investment officer at cryptocurrency asset manager Astronaut Capital. "Furthermore, I think it would be a crazy catalyst for US-listed bitcoin miners ... given the possibilities of nationalization of such entities."
Crypto miner Riot Platforms jumped nearly 17% on Wall Street on Monday. Co-miners MARA Holdings, opens a new tab, and CleanSpark, jumped nearly 30%. Software company and bitcoin investor MicroStrategy announced that it had spent about $2 billion buying bitcoins between October 31 and November 10. Shares rose 26% on Monday.
"Obviously (it's) a clear Trump trade since he's so supportive of the industry, and that can only mean more demand for both crypto stocks and the currencies themselves," said Nick Twidale, chief market analyst at ATFX Global in Sydney. of bitcoin rally.
"The fact that bitcoin was trading near all-time highs when the election results came in meant that he had clear skies above." Euphoria extended across the crypto landscape with smaller tokens such as ether and dogecoin rising, although they fell on Tuesday morning in Europe.
Crypto investors see an end to increased scrutiny under US Securities and Exchange Commission Chairman Gary Gensler, whom Trump has said he will replace. Trump also unveiled a new crypto business, World Liberty Financial, in September.
"What we're seeing is not just a price milestone; it's a signal that the market is warming to the idea of bitcoin as a more stable, even politically favored asset," said Justin D'Anethan, head of Asia-Pacific. business development at digital asset market maker Keyrock.
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