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 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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How does Jeff Dorman foresee the integration of cryptocurrencies into traditional finance impacting existing financial systems?
**Interview with Jeff Dorman, Co-founder of Arca**
**Interviewer:** Thank you for joining us today, Jeff. It’s an exciting time in the cryptocurrency market following Donald Trump’s victory. Bitcoin has soared to over $87,000, and you referred to this moment as a “renaissance” for the industry. Can you expand on what you mean by that?
**Jeff Dorman:** Absolutely, and thank you for having me. What we’re witnessing is a significant shift in sentiment towards cryptocurrencies, particularly with Trump’s promises to embrace digital assets and make the U.S. the “crypto capital of the planet.” This newfound enthusiasm from investors and miners is driving prices up and reinvigorating the market.
**Interviewer:** It’s remarkable to see Bitcoin and other cryptocurrencies reaching record highs. What do you think has contributed to this rally beyond just the election results?
**Jeff Dorman:** A couple of key factors have contributed to this rally. First, Trump’s approach to regulation, especially the potential replacement of SEC Chair Gary Gensler, is giving investors hope for a more friendly regulatory environment. Secondly, the overall market sentiment, with the recognition of Bitcoin’s potential as a reserve asset, is invigorating investor confidence. People are recognizing that cryptocurrencies can play a major role in the future of finance.
**Interviewer:** With Bitcoin and other cryptocurrencies surging, many investors are probably wondering if they should buy or sell. What insights can you provide on that?
**Jeff Dorman:** It is a critical moment. While many might feel tempted to cash in on their gains, I would suggest taking a measured approach. If you believe in the long-term potential of cryptocurrencies and the favorable policies that could emerge, holding might be the best option. However, it’s essential for investors to consider their risk tolerance and investment strategy. Short-term volatility always exists, especially in such a dynamic market.
**Interviewer:** You mentioned that events like these broaden the world’s vision about the potential of cryptocurrencies. What do you think are the implications for traditional finance moving forward?
**Jeff Dorman:** We are entering a phase where cryptocurrencies will be increasingly integrated into traditional finance. This revolution will challenge existing financial systems and prompt institutions to adapt or become obsolete. As cryptocurrencies gain recognition and legitimacy, we can expect broader adoption, innovation in financial products, and a restructuring of the typical investment landscape.
**Interviewer:** Thank you, Jeff, for sharing your insights. It’ll be fascinating to see how the cryptocurrency market evolves under this new administration and the potential implications for the future.
**Jeff Dorman:** Thank you for having me. The journey of cryptocurrency is just beginning, and I’m excited to see where it goes.