Bitcoin exceeds $87,000 after Trump’s victory. Right now there is a big boom in cryptocurrencies in the United States.
The election of Donald Trump as the new president of the United States has generated an unprecedented rally in the cryptocurrency market, leading bitcoin to reach its all-time high of $87,460.
With his promise to turn the US into the “crypto capital of the planet,” Trump has boosted the enthusiasm of cryptocurrency investors and miners, who see in his victory a more favorable environment for the development of digital assets.
Bitcoin rebound and cryptocurrencies on the rise
The price of bitcoin, the best-known and most valuable cryptocurrency on the market, experienced a rise of almost 9% in the early hours of this Monday, reaching $87,079, surpassing its previous high of $38,505 at the beginning of the year.
This increase also benefited shares of companies related to cryptocurrency in the US, such as Coinbase. Whose value skyrocketed by 22%, and the iShares Bitcoin Trust, which rose 13%.
In addition to bitcoin, ether, the second most important cryptocurrency, reached its highest value in three months, exceeding $3,350. Dogecoin, a cryptocurrency that began as a satire in 2013, has also reached historic levels, being one of the alternative options that has grown the most in recent days.
A “renaissance” for the crypto sector
The impact of this election on the cryptocurrency market has been highlighted by analysts and investors. Jeff Dorman, co-founder of asset manager Arca, called this moment a “renaissance” for the industry.
According to Dorman, “events like this broaden the world’s vision about the potential of cryptocurrencies and their impact on the future of technology.” Trump’s policies also plan to accumulate national reserves of bitcoin. Which fuels expectations of a more open and less regulated approach to the sector.
Is it time to buy or sell?
With the market at historic levels, many investors are wondering if it is advisable to buy or sell.
Analysts point out that the price of bitcoin could continue to rise, driven by a more favorable policy for the crypto market and by the promise to replace the president of the US Securities and Exchange Commission (SEC), Gary Gensler, who He has been a critic of the sector.
The expectation of a decrease in regulatory scrutiny could create an environment conducive to the growth of cryptocurrencies in the coming years.
However, experts also warn that investors should be cautious as the cryptocurrency market is characterized by volatility.
Those looking to make quick profits may see this as a good time to sell. While long-term investors might consider holding onto their assets, especially if the value continues to rise.
Increased investments in Congress
In addition to Trump’s victory, the cryptocurrency industry has supported numerous pro-crypto candidates, spending more than $119 million on their congressional campaigns.
This strategy has borne fruit, as several of these candidates have been elected, which could strengthen the pro-cryptocurrency lobby in the administration that will be installed in January 2025.
For those interested in the crypto sector, this could be the beginning of a growth cycle driven by policies that favor innovation in technology and investment in cryptocurrencies.
Although the market offers great opportunities, experts insist on the importance of analyzing the behavior of assets and making informed investment decisions.
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What insights does Jeff Dorman provide on the impact of Trump’s election victory on Bitcoin and the cryptocurrency market?
**Interview with Jeff Dorman – Co-Founder of Arca**
**Interviewer:** Thank you for joining us today, Jeff. Following Donald Trump’s recent election victory, we’ve seen Bitcoin and the broader cryptocurrency market soar to unprecedented heights. Can you explain the significance of this rally?
**Jeff Dorman:** Absolutely, it’s a remarkable moment for the crypto market. Trump’s promise to position the U.S. as the ”crypto capital of the planet” has significantly boosted investor confidence. We are witnessing what I’d call a “renaissance” for the industry, where renewed optimism is driving prices and interest upwards.
**Interviewer:** Could you elaborate on what specific policies or changes you expect from Trump’s administration that might impact cryptocurrencies?
**Jeff Dorman:** Certainly. There’s a focus on creating a more favorable regulatory environment for digital assets, including the possibility of accumulating national Bitcoin reserves. Additionally, the anticipated replacement of SEC Chairman Gary Gensler, who has been more skeptical about cryptocurrencies, could lead to a more supportive regulatory framework that encourages further investment.
**Interviewer:** With Bitcoin recently hitting an all-time high of $87,460, many investors are on the fence about buying or selling. What would be your advice to them?
**Jeff Dorman:** It’s a nuanced situation. On one hand, the market momentum is strong, and there seems to be room for growth if the regulatory landscape improves. On the other hand, investing in cryptocurrencies always carries risks due to their volatility. Investors should evaluate their own risk tolerance and consider diversifying their portfolios rather than making impulsive decisions based solely on current prices.
**Interviewer:** As we look at Ethereum and Dogecoin also reaching significant milestones, how important is it that these altcoins are gaining traction alongside Bitcoin?
**Jeff Dorman:** It’s incredibly important. The rise of altcoins like Ethereum and Dogecoin signals a broader acceptance of cryptocurrencies as a whole, not just Bitcoin. This diversification can attract new investors and enhance the overall credibility of the crypto market, which is essential for long-term growth.
**Interviewer:** Thank you, Jeff, for your insights. It sounds like we may be entering an exciting phase for cryptocurrencies, and many are eager to see where this journey takes us!
**Jeff Dorman:** Thank you for having me! It’s definitely an exciting time in the crypto space, and I believe we’re just scratching the surface of its potential.
