With Trump in power there seems to be no ceiling for Bitcoin. After surpassing historical highs with its appointment, the currency, far from stopping its rise, has continued with an uncontrollable rise. In this way, after the week soared by 10.64%, this Monday conquer $81,197 by rising 2.61% (on Sunday it rose another 5%). This is the first time the currency has flown above $81,000. One of the biggest drags on the currency for some time now was the prospect of stricter regulation by Joe Biden’s Executive. Trump opted for a radical turn, stating that he would support greater deregulation.
“I will ensure that the future of cryptocurrencies and bitcoin is made in the US… I will support the right to self-custody to the 50 million Americans with cryptocurrencies. And I will keep Elizabeth Warren and his bullies away from your bitcoin. And I will never allow the creation of a Central Bank Digital Currency (CBDC), Trump explained in one of his rallies. From eToro they comment that “measures such as a stablecoin bill are expected, a redefinition of cryptoassets to avoid strict regulations of tradable securities, and possible changes in the leadership of the SEC that facilitate adoption. With this expectation of greater regulatory clarity, bitcoin reaches new highs.
From Julius Baer they agree that the legislative changes are the great explanation of this crypto reaction to the rise of Trump. “Everything has been focused on Bitcoin and Solana.” In the legal context “it will affect self-custody and stablecoins the most.” For the Swiss firm, this explains why Ethereum has grown somewhat less given that “it is less exposed to regulation.” “In addition to the election, dollar liquidity is growing, and a stop to the quantitative tightening process should set the stage for cryptocurrency markets to improve their bullish trend.” In any case Julius Baer defends that the sector will continue to rise from the currencies themselves to the miners.
In any case, although the movements until now have been driven by the arrival of Donald Trump to the White House, as a majority in Congress seems increasingly secure, the momentum on the crypto sector is accelerating. “It looks like the Republicans will take control (of Congress), which will allow the new administration to promote policies supporting digital assets shortly after taking office,” Standard Chartered commented in a note this Monday.
Aside from the legal factor, Trump has promised the dismissal of the current SEC chairman, Gary Gensler. Aside from major investigations against firms in the sector, this manager has always been skeptical against the crypto sector. “It is unlikely that that becomes a currency“, he commented during his visit to New York University at the beginning of October. And regarding the sector, he assured that “with all due respect, its leaders are either in jail or awaiting extradition.”
Regarding what to do against the legal problems in the sector, Gensler was clear “lThe nature of this market is to play close to the limit and sometimes we have to apply coercive measures to get people back to the right side. This is why Gensler has become a declared enemy of the sector.
On the sidelines of Bitcoin today Ethereum falls 0.7% (after having risen 25% last week). Solana rises 2.75%. For your part Coinbase it shoots up 14.26% in the hours prior to the listing. RobinHoodone of the apps where retailers carry out their operations with crypto, also advances 6.36%.
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