“Never sell your bitcoins” (“ never sell your bitcoins”). This advice given by Donald Trump to a jubilant audience on July 27 at the Bitcoin conference in Nashville, Tennessee, not only illustrates the turnaround of the Republican candidate for the White House – and now president-elect of the United States – in favor of crypto assets. which he had long criticized: in retrospect, it was good investment advice.
Because on Thursday, November 21, bitcoin approached the symbolic mark of 100,000 dollars (94,820 euros), after having set records since the US presidential elections on November 5. Its increase exceeds 39% since the elections and 100% since the beginning of the year.
And the movement does not only benefit bitcoin: among the other important “cryptocurrencies”, ether has risen 30% since November 5, solana 60%; As for dogecoin, created to parody crypto assets before rising among the most important, it appreciated 130% in less than three weeks, benefiting among other things from the appointment, on November 12, of Elon Musk, head of Tesla and SpaceX . , at the head of a “ministry of government efficiency,” whose acronym in English is DOGE.
This increase occurs in volumes that are also growing strongly. A few days after the elections, “We have surpassed 400 billion dollars processed per day, which is huge, and the global capitalization of the crypto market has exceeded 3 trillion”specifies Marion Labouré, economist specialized in the sector at Deutsche Bank.
The market remains attentive to the slightest information that could justify the continuation of the increase, as indicated in the article by Financial timeson Monday, November 18, according to which Trump Media & Technology Group, a company belonging to the president-elect’s family, would negotiate the purchase of Bakkt, a cryptoasset trading platform.
On the same day, software publisher MicroStrategy, the largest holder of bitcoin listed on Wall Street, announced that it had spent $4.6 billion in a week to strengthen its portfolio, which represents more than $32 billion. Enough to increase its own share price a little more, multiplied by seven since the beginning of the year.
Impact of halving
Obviously, American investors are not the only ones trying to take advantage of this crypto momentum. At Coinhouse, the main French trading platform specialized in cryptoassets, “November has already passed October”greets Nicolas Louvet, its general director, recalling that the movement began in October, after a third quarter “pretty low.” In his opinion, if the US presidential elections constituted “the flame that made everything explode in the right direction”It has crystallized, above all, other fundamental factors favorable to crypto assets.
You have 49.27% of this article left to read. The rest is reserved for subscribers.
