He Bitcoin rises 1.6% at midday this Tuesday, to around $104,000and is only 1.9% away from returning to its historical maximum, which it reached above 106,000 in mid-December. Investors in cryptos They expected Donald Trump, the newly inaugurated president of the United States, to make announcements regarding virtual currencies on Monday, at his inauguration; However, the Republican did not include them among the actions of his first day. On the contrary, it did communicate measures related to energy, immigration or tariffs. Bitcoin hit a high of $109,000 during Monday’s session, before Trump was sworn into office.
“It is premature to draw solid conclusions about the absence of an immediate executive order” regarding the cryptossince the Trump Administration has a series of priorities, Richard Galvin, co-founder of the DACM hedge fund, told Bloomberg. “Markets have demonstrated resilience, suggesting who are taking a similar longer-term view“.
Trump has been radically in favor of the industry on many occasions cryptoto the point that, just before taking office, both he and his wife, Melania Trump, launched their own memecoins (this is what cryptocurrencies are called that have no other underlying asset than memes or Internet trends), called $TRUMP and $MELANIA, respectively. This move only increased the euphoria among small investors by reinforcing the idea that The new Administration will develop favorable policies for virtual currencies. Trump’s ‘memecoin’ doesn’t stop rising: What’s really behind the President’s cryptocurrency.
In the words of José Manuel Marín, economist and founder of Fortuna SFP: “Today, to carry out an analysis of what is happening in the world, one must not only value the dollar, the barrel of oil, interest rates or gold. “Cryptoactives and Bitcoin have a lot to say in the direction of the economy,” he says. In his opinion, virtual currencies represent “one more asset to include in a portfolio at a residual percentage”.
For Juan José del Valle, analyst at Activotrade SV, “cryptocurrencies and big technology companies are going to be two points to focus on, among others, with Trump’s return to power. We get the feeling that the market is positioning itself early and aggressively during the last hours in favor of cryptocurrencies, with which we believe that it’s probably time to be a little more conservativeat these prices close to 110,000.” Del Valle adds that when Trump won the elections for the first time, in 2016, he also had a positive impact on the cryptos: His mandate began in November of that year, and Bitcoin rose almost 40% in just over a month and a half, until December 31, 2016. (that year he fired it below $1,000). Bitpanda sees more ground for Bitcoin thanks to Trump, after hitting new all-time highs.
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