BENGALURU: For the first time, Bitcoin surged over $79,000, driven by industry optimism about Donald Trump’s pro-crypto policies in the near future.
Other cryptocurrencies are also surging as Ethereum surpassed $3,200, its highest level since August.
Balaji Srihari, business head at CoinSwitch said this momentum reflects a broader market response to recent political shifts and macroeconomic trends. “The election of Donald Trump as US President has lifted the regulatory weight from the industry. Since the November 5 election results, Bitcoin has gained over 30%, signalling a fresh wave of confidence among investors,” he said.
“We now have large institutional investors accumulating Bitcoin and offering it as an asset to customers in the form of exchange traded funds (ETFs), a positive regulatory environment and several innovative projects ready for take off. It’s the perfect set up for a bull cycle,” Srihari added.
Experts also point out that Bitcoin will set the stage for even greater gains soon.
At CoinSwitch, the trading volumes have risen by 350% since the election results (as compared to the previous week).
He added that as the market gains momentum, it’s important for investors to stay vigilant and informed about factors that could influence price stability.
Ryan Lee, Chief Analyst at Bitget Research, said, in the medium to long term, Trump’s election could benefit BTC, but his policy direction may also increase inflation in the US, with interest rates potentially staying above 3.5% over the medium to long term.