Journalist
Posted:
- Bitcoin surges after Trump’s election, reaching $102,000 with potential to reach $150,000.
- The Trump administration plans crypto-friendly regulations and leadership in AI and emerging technology.
Since the election of Donald Trump as the 47th President of the United States, Bitcoin [BTC] has grown significantly, from $68,000 to over $102,000.
According to a recent report from Axios, Trump has expressed support for cryptocurrency, envisioning a continued rise above $150,000.
With its focus on driving market metrics including cryptocurrencies, the broader digital asset market is booming, reflecting renewed optimism and interest in the sector.
Following the recent rise in the price of Bitcoin, former President Trump has taken credit by jokingly claiming:
“Don’t mention it.”
Trump’s pro-crypto approach ensures a post-election victory
Sources suggest that the Trump administration is preparing to introduce crypto-friendly regulations. Paul Atkins, a well-known advocate of the cryptocurrency industry, will likely lead the Securities and Exchange Commission.
The transition team is working to establish a comprehensive legal framework for the crypto industry. This is intended to provide the clarity that the sector requires.
The Trump administration will also focus on advancing America’s technological leadership. This includes AI, cryptocurrency and libertarian values, giving the country an edge over China in the technology race.
David Sacks has been appointed AI and ‘crypto czar’ to strengthen leadership in emerging technologies.
Elon Musk and Vivek Ramaswamy will co-lead the newly formed Department of Government Efficiency (DOGE). This department aims to modernize federal operations.
Analysts at JPMorgan attribute the historic growth in the crypto market to political developments and greater investor confidence. The market saw a 45% increase in total market capitalization, to $3.3 trillion.
What’s next for Bitcoin?
At the time of writing, Bitcoin was trading at $98,334.63, having fallen 0.65% in the past 24 hours. CoinMarketCap.
The Relative Strength Index (RSI) and Chaikin Money Flow (CMF) indicators indicate that bulls are still outperforming bears.
Furthermore, data from IntoTheBlock shows that 99.11% of BTC holders own tokens valued higher than their purchase price. This indicates a bullish sentiment, with no shareholder being ‘out of money’.
This indicates a strong possibility of an impending price rise for Bitcoin as the market continues to lean in favor of the bulls.
Source: IntoTheBlock