The price of bitcoin, the most valuable and best-known cryptocurrency on the market, once again set new highs during today’s session, exceeding $92,000, accumulating a revaluation of more than 30% since Donald Trump’s victory in the US presidential elections and is increasingly approaching the threshold of $100,000.
According to market data consulted by Europa Press, bitcoin reached a new provisional maximum this Wednesday at $92,870, with a rise of 6.6% compared to yesterday’s session and around 33% since Tuesday. last week confirmed the victory of trump in the White House elections.
Since then, when bitcoin was trading around $69.4000, the reference cryptocurrency has not stopped breaking all-time highs successively and has already more than doubled its value so far this year.
«Bitcoin is reaching new highs daily. It is very possible that this rally will last over time,” he says. Eric DemuthCEO and co-founder of Bitpanda, for whom “there is a real possibility that we will see $100,000 this year or even this month.”
The bitcoin ‘rally’ was unleashed due to the expectation that the new US president would adopt a more favorable position towards crypto assets, since during the electoral campaign in the race for the White House, trump He promised to turn the United States into the world capital of cryptocurrencies, create a strategic reserve of bitcoin and appoint regulators who would bet on digital assets.
Once his return to the presidency and the Republican majority in the Senate are confirmed, as well as the probable dominance of the House of Representatives, the new Administration would have broad powers to implement its policies.
In this sense, trump He did not hide during the campaign that among his first decisions as president would be to replace the current president of the Securities and Exchange Commission (SEC), Gary Genslernamed byJoe Biden in 2021 and who has led the SEC’s offensive against the cryptocurrency industry.
«With the clear choice of trump As the 47th president of the United States, a new course has been set for the sector,” he says. Demuth for whom the SEC’s “unclear” stance had been the main source of uncertainty for the sector and this position could soon change “for transparent and progressive crypto regulation that lives up to market expectations.”
«It is expected that the current president of the SEC, Gary Genslerbe removed, at the latest, in February. This decision will likely accelerate ongoing court cases and allow existing applications to be processed more quickly, thus facilitating the entry of new applications,” he explains.
In general, the CEO of Bitpanda considers that the sum of all these factors are reflected in the recent price variations, but he emphasizes that, in his opinion, what is more important is that they indicate the beginning of a new stage that will encourage long-term evolution of the crypto market.
“A greater volume of capital, both retail and institutional, is expected to flow into the market, helping to reduce volatility and supporting prices,” he concludes.
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