On the Bitstamp platform, the oldest and best-known cryptocurrency climbed by over 4 percent to up to $80,047 today compared to the previous day. In the last seven days alone, the crypto reserve currency has gained over 17 percent. Other cryptocurrencies such as Ether or Solana rose even more.New York. Analysts attribute the steady increase to new political conditions in the USA following Donald Trump’s election victory. The former and upcoming US president was the favorite of the majority of the crypto community during the election campaign.
Trump made very negative comments about Bitcoin during his presidency (2016-2020). In the current battle for voters’ votes, the former US president actively courted the crypto community. At a major Bitcoin conference in Nashville, Trump promised to leave the crypto market largely unregulated and to provide cheap electricity for calculating new Bitcoin coins (“mining”).
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**Interview with Dr. Sarah Thompson, Cryptocurrency Analyst**
**Interviewer:** Thank you for joining us today, Dr. Thompson. We’ve seen Bitcoin reach astonishing heights recently, with a surge to $80,047, coinciding with Donald Trump’s election victory. What do you think are the key factors driving this increase?
**Dr. Thompson:** Thank you for having me! There are several factors at play. Firstly, political dynamics have a significant influence on the cryptocurrency market. Trump’s election victory has restored confidence among many crypto enthusiasts, especially given his recent overtures to the community promising less regulation. This has likely contributed to the increased buying interest, which pushes prices higher.
**Interviewer:** It’s interesting to note that there has been a reversal from Trump’s previous stance on Bitcoin. How do you think his past negative comments on cryptocurrency impact his current support from the crypto community?
**Dr. Thompson:** Indeed, Trump had a rather critical view of Bitcoin during his presidency, calling it a scam. However, his shift in tone and promises to keep the crypto market unregulated are seen as attempts to win back favor from the community. The crypto sector values freedom and minimal regulation, so his new approach resonates well with many users and investors. This shift likely helped drive the recent price gains.
**Interviewer:** Analysts have pointed out that Trump’s victory has also influenced other cryptocurrencies like Ether and Solana. Why do you think the entire market is responding positively?
**Dr. Thompson:** The cryptocurrency market is highly interconnected; when Bitcoin moves, it often pulls other cryptocurrencies along with it. Essentially, Bitcoin is considered the bellwether for the market. As confidence in Bitcoin grows due to Trump’s election, it creates a ripple effect across the entire spectrum of cryptocurrencies, encouraging more investors to enter the space.
**Interviewer:** What might we expect as we move closer to the election period and beyond?
**Dr. Thompson:** Election volatility is expected as political campaigns intensify. Bitcoin’s price may fluctuate based on sentiments surrounding the elections and potential promises made by candidates. If Trump maintains his favorable position towards crypto, we could see continued growth. However, if other candidates or policies threaten regulation, we might experience significant pullbacks. It’s essential for investors to remain informed and cautious during this high-stakes period.
**Interviewer:** Thank you, Dr. Thompson, for your insights into the current state of Bitcoin and the crypto market. It’s undoubtedly a fascinating time for investors and enthusiasts alike.
**Dr. Thompson:** Thank you! It’s always a pleasure to discuss cryptocurrency, especially in such a dynamic environment.
