Pioneer cryptocurrency bitcoin price has just hit a new all-time high, reaching an impressive $97,858. This is a major milestone for the world’s most popular cryptocurrency, bringing its market value close to $2 trillion. The rally has been particularly strong in the two weeks following Donald Trump’s victory in the U.S. presidential election, and many are calling it the “Trump trade” because of the positive effect his win has had on Bitcoin’s price.
“Trump Trade” Keeps Going Strong
Bitcoin’s price has been on an unstoppable rise, especially after Donald Trump’s election win. As his victory became clearer, Bitcoin quickly surged, breaking its previous all-time high from March of $73,737.
The market rally that started after Donald Trump’s win is still going strong, marking a significant 35% jump since then.
Thanks to a pro-crypto government and new interest rate cuts from the Federal Reserve, traders are feeling more confident. This surge is now being called the “Trump trade,” with everything from stocks to bonds seeing a boost since his election.
Why People Are Optimistic?
The excitement around Bitcoin isn’t just about Trump’s victory. As Trump’s team is considering Teresa Goody Guillén, a blockchain expert, to be the next SEC chair. Her appointment could be a positive sign for the crypto world.
Meanwhile, Fox Business journalist Eleanor Terrett reports even suggests that Brian Brooks, a known supporter of crypto, might be at the top of the list for the position.
Plus, there are rumors that Trump’s media company, Trump Media & Technology Group, is in talks to buy Bakkt, a popular cryptocurrency exchange. This has sparked even more interest in Bitcoin, making people feel more confident about its future.
Big Investors Jumping In
Another reason for Bitcoin’s price jump is the increasing interest from big investors. Just recently, BlackRock launched Bitcoin options trading through its iShares Bitcoin Trust (IBIT). Coinpedia News reported that on its very first day, the IBIT saw an incredible $1.9 billion in trading, setting a new record for Bitcoin ETFs.
With the support of Trump’s win and big institutional names getting involved, Bitcoin’s future is looking brighter than ever.
Source: https://coinpedia.org/news/why-bitcoin-is-going-up/