As a seasoned analyst with over two decades of experience in financial markets, I have witnessed the ebb and flow of economic trends. The unexpected victory of Donald Trump in the 2016 U.S. presidential election sparked a significant rally in Bitcoin, and history may be repeating itself.
As a researcher, I find myself intrigued by the potential impact of Donald Trump’s victory on the price of Bitcoin. If his presidency leads to economic policies that stimulate growth and investor confidence, it might just propel Bitcoin beyond the significant milestone of six figures.
On November 5th, Trump emerged victorious in the presidential election by securing crucial battleground states such as Pennsylvania, North Carolina, and Georgia – states he had previously lost in 2020.
According to Bitget Research’s chief analyst, Ryan Lee, his presidency might pave the way for Bitcoin’s price to soar beyond $100,000.
According to the analyst speaking to CryptoMoon, the indicators in the derivatives and futures markets suggest that traders are preparing for a significant price fluctuation in Bitcoin, implying heightened volatility.
“Additionally, with the market capitalization of stablecoins hitting a new high and fluctuating around $160 billion, there is room for significant leverage in the market, potentially pushing BTC to reach $100,000 within the next three months.”
The Bitcoin price reached a new all-time high above $76,400 on Nov. 6, shortly after Trump was elected president.
The upcoming presidency of Trump is generally viewed as beneficial for the cryptocurrency sector, as it’s anticipated that there will be more transparent regulations in place that encourage advancements in blockchain technology and innovation.
A Republican Congress will lead to favorable crypto regulations — Bitget Research
With Donald Trump’s presidency, the Republican Party gained a majority in the Senate. This was described by Coinbase CEO Brian Armstrong as having “the most supportive Congress for cryptocurrency in history.
The Republican majority could lead to more business and innovation-friendly regulations, Lee said:
“With the Republican sweep in Congress, there may be favorable developments in the regulatory framework for the crypto market, which would be a long-term positive for the industry.”
Even so, Lee pointed out that Trump’s policies might keep inflation within the world’s biggest economy over 3.5% for an extended period, possibly even in the long run.
Bitcoin ETFs scoop up $620 million in BTC after Trump election
After Donald Trump’s election as President, the trading of Bitcoin exchange-traded funds (ETFs) based in the United States started up again with increased purchases.
On November 6th, there was a total net investment of approximately $621 million into Bitcoin ETFs, which represents one of the top ten largest single-day inflows since these ETFs first became available for trading in January. According to data from Farside Investors, this is the case.
The inflows signal Wall Street’s growing confidence in the crypto market’s outlook, Lee said:
“ The BTC ETF may see net inflows in the coming trading days, indicating that Wall Street institutions are optimistic about the market’s outlook. The long-to-short ratio of accounts in the futures market is below 1, suggesting that institutional investors in the crypto market are taking long positions through futures.”
According to economist and trader Alex Krüger, there’s a growing optimism among investors that Bitcoin‘s value will stay above $60,000 in the future.
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2024-11-07 20:32