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 view of 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 factors contributed to the recent all-time high in Bitcoin’s price following Trump’s election victory?
**Interviewer**: Good afternoon, and welcome to our special segment on the cryptocurrency market. Today, we have with us Jeff Dorman, co-founder of the asset management firm Arca, to discuss the recent surge in Bitcoin following Donald Trump’s election victory. Jeff, thank you for joining us.
**Jeff Dorman**: Thanks for having me! It’s an exciting time in the crypto space, and I’m happy to share my insights.
**Interviewer**: Bitcoin has recently skyrocketed to over $87,000, reaching an all-time high of $87,460. What do you think are the main drivers behind this unprecedented rally?
**Jeff Dorman**: The primary catalyst for this surge has been Trump’s election and his pro-crypto rhetoric. His promise to make the U.S. the “crypto capital of the planet” has invigorated investors and miners alike, creating a favorable environment for digital assets. Additionally, a more supportive regulatory landscape is anticipated, especially with potential changes at the SEC [[1](https://www.reuters.com/technology/record-breaking-bitcoin-rally-nears-90000-trump-boost-2024-11-12/)].
**Interviewer**: It’s interesting that you mention the SEC. With Gary Gensler’s critical stance on cryptocurrencies, how do you expect a potential replacement would affect the market?
**Jeff Dorman**: A new appointee could lead to a more lenient regulatory approach, which would help foster innovation in the crypto space. This change alone might encourage more investors to enter the market, boosting prices further [[1](https://www.reuters.com/technology/record-breaking-bitcoin-rally-nears-90000-trump-boost-2024-11-12/)].
**Interviewer**: Aside from Bitcoin, we’re seeing significant increases in other cryptocurrencies like Ethereum and Dogecoin. Do you see this as a broader trend across the crypto market?
**Jeff Dorman**: Absolutely. This isn’t just about Bitcoin anymore; it’s a renaissance for the entire cryptocurrency sector. With Bitcoin leading the charge, we’ve seen noteworthy movements in altcoins as well. For instance, Ethereum has reached a three-month high, and even Dogecoin is breaking records. This broad enthusiasm for digital assets suggests we may be in a long-term upward trend [[1](https://www.reuters.com/technology/record-breaking-bitcoin-rally-nears-90000-trump-boost-2024-11-12/)].
**Interviewer**: Many investors are now asking whether they should buy or sell in this booming market. What advice would you offer?
**Jeff Dorman**: My advice would be to consider your investment strategy carefully. If you’re a long-term investor, the current policies and market sentiment suggest that potential upside remains strong. However, those looking for short-term gains need to be cautious—volatile markets can swing in unexpected directions [[1](https://www.reuters.com/technology/record-breaking-bitcoin-rally-nears-90000-trump-boost-2024-11-12/)].
**Interviewer**: Thank you, Jeff, for your valuable insights on this dynamic market. It will be interesting to see how things unfold as we move forward.
**Jeff Dorman**: Thank you for having me. Let’s keep watching this exciting evolution of the crypto landscape.