In the face of President-elect Donald Trump's pro-crypto stance and a Congress that includes prominent proponents of digital assets, Bitcoin jumped about $80,000 on Sunday, hitting an all-time high. In the face of President-elect Donald Trump's pro-crypto stance and a Congress that includes prominent proponents of digital assets, Bitcoin jumped about $80,000 on Sunday, hitting an all-time high.
In the face of President-elect Donald Trump's pro-crypto stance and a Congress that includes prominent proponents of digital assets, Bitcoin jumped about $80,000 on Sunday, hitting an all-time high. As of 2:05 p.m., the cryptocurrency was trading at about $79,000 in Singapore after rising as much as 4.3 percent to reach a peak of $79,771. Gains were also seen in smaller cryptocurrencies, such as Cardano and Dogecoin, which is popular among memes.
During the campaign, Trump promised to designate pro-crypto regulators and create a strategic Bitcoin stockpile in order to position the United States as a center for digital assets. The former president's pro-crypto vision for the United States is gaining steam as his Republican Party now controls the Senate and has a slim majority in the House.
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In 2024, Bitcoin has already increased by about 90%, surpassing more conventional investments like gold and stocks. Demand for U.S. Bitcoin exchange-traded funds (ETFs) and recent interest rate reductions by the Federal Reserve are important factors. Interest in the market surgedIn 2024, Bitcoin has already increased by about 90%, surpassing more conventional investments like gold and stocks. Demand for U.S. Bitcoin exchange-traded funds (ETFs) and recent interest rate reductions by the Federal Reserve are important factors. Interest in the market surged
followed Trump's election, with record inflows of $1.4 billion on Thursday into BlackRock's $35 billion iShares Bitcoin Trust ETF. The ETF's trading volume also reached a record high, demonstrating how the cryptocurrency markets are being shaped by Trump's triumph.
Trump's strategy differs significantly from the Biden administration's, which had approached the industry with greater caution. The Securities and Exchange Commission (SEC) increased its examination of digital assets under President Joe Biden, and SEC Chair Gary Gensler characterized the sector as being plagued by fraud. Following the demise of well-known cryptocurrency companies, like as FTX, which filed for bankruptcy last year, the government tightened oversight.
