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.
#Bitcoin #cryptocurrencies #skyrocket #buy
What are the key factors that Jeff Dorman identifies as driving the current rally in Bitcoin’s price?
**Interview with Jeff Dorman, Co-Founder of Asset Manager Arca**
**Editor:** Hello, Jeff. Thank you for joining us today. Let’s start by discussing the major shift in the cryptocurrency market following Trump’s election victory. Bitcoin has surged to over $87,000. What do you think are the primary factors driving this rally?
**Jeff Dorman:** Thank you for having me. The surge in Bitcoin’s price can largely be attributed to a renewed optimism in the market, fueled by Trump’s commitment to positioning the U.S. as the “crypto capital of the planet.” His administration is expected to foster a more favorable regulatory environment, which has excited investors and miners alike.
**Editor:** Interesting. You mentioned regulatory changes. Can you elaborate on how Trump’s approach might differ from that of the previous administration, particularly regarding the SEC?
**Jeff Dorman:** Absolutely. One significant change we anticipate is the potential dismissal of Gary Gensler from the SEC. He has taken a rather cautious stance toward cryptocurrencies. A shift in leadership could lead to more accommodating policies that support the growth of the cryptocurrency sector, which is vital for its development and mainstream adoption.
**Editor:** You refer to this moment as a “renaissance” for the crypto industry. Can you explain what you mean by that?
**Jeff Dorman:** Yes, it’s a term I use to describe the resurgence of interest and investment in cryptocurrencies. Events like this election not only highlight the potential of digital assets but also challenge traditional financial norms. The anticipated policies could pave the way for innovation and broader acceptance of cryptocurrencies in the financial ecosystem.
**Editor:** With Bitcoin and other cryptocurrencies reaching historic highs, many investors are confused about the next steps. Should they be looking to buy or sell in this market?
**Jeff Dorman:** That’s a great question. While no one can predict the market with absolute certainty, the current trajectory suggests that prices could continue to rise, especially with the positive sentiment surrounding crypto-friendly policies. However, investors should always assess their risk tolerance and investment strategy carefully. It could very well be a good time to hold or gradually accumulate, rather than panic selling.
**Editor:** Thank you, Jeff. Last question: What should investors keep an eye on over the next few months as this situation develops?
**Jeff Dorman:** Investors should watch for any regulatory announcements from the new administration, especially concerning the SEC and potential changes in cryptocurrency legislation. Additionally, keep an eye on market trends and if Bitcoin continues to gain institutional interest, as that could significantly influence prices moving forward.
**Editor:** Thank you for your insights, Jeff. It will be fascinating to see how the crypto market evolves under this new administration.
**Jeff Dorman:** Thank you for having me! It’s definitely an exciting time for the industry.