With Trump in power, there appears to be no ceiling for Bitcoin. After having exceeded historic highs with his appointment, the currency, far from stopping its rise, continued its uncontrollable rise. Thus, after a week up 10.64%, this Monday conquer $81,197 increasing by 2.61% (on Sunday it increased by another 5%). This is the first time the currency has exceeded $81,000. One of the biggest drags on the currency for some time has been the prospect of tighter regulation from Joe Biden’s executive branch. Trump opted for a radical shift, saying he would support greater deregulation.
“I will ensure that the future of cryptocurrencies and bitcoin is made in the United States… I will support the right to self-guard to the 50 million Americans who own cryptocurrencies. And I will keep Elizabeth Warren and his bullies away from your bitcoin. And I will never authorize the creation of a central bank digital currency (CBDC), Trump explained during one of his rallies. From eToro they comment that “measures such as a stable bill are expected, a redefinition of cryptoassets to avoid strict regulation of tradables.” securities and possible changes in SEC leadership that facilitate adoption. With this expectation of greater regulatory clarity, bitcoin is reaching new highs.
From Julius Baer, they agree that legislative changes are the big explanation for this crypto reaction to the rise of Trump. “Everything has been focused on Bitcoin and Solana.” In the legal context, “this will further affect autocystody and ‘stablecoins’.” For the Swiss firm, this explains why Ethereum has experienced slightly less growth given that “it is less exposed to regulation”. “In addition to the elections, the liquidity of the dollar is increasing and the end of the quantitative tightening process should pave the way for an improvement in the uptrend of the cryptocurrency markets.” In any case, Julius Baer defends that the sector will continue to grow, from the currencies themselves to the miners.
