Bitcoin shoots past $75,000 in new high over a Trump return as US President. The flagship cryptocurrency clears $75k – will this rally have strong legs?
Bitcoin prices have shot past $74,000 as the crypto markets turned in some heavy action as a clearer picture started to emerge of who will be the next US President.
As voting patterns showed a Trump win as the strongest possibility, Bitcoin cleared its previous high of just over $73,000 struck during March last. The cryptocurrency was trading at slightly over $71,000 just over two hours ago.
“It has been a huge day for the crypto scene, with Bitcoin hitting $75k and with some truly grown-up sized moves playing out in the smaller coins,” said Chris Weston, Head of Research at Pepperstone.
Bitcoin as hedge “As the market sees Trump’s prospects as a done deal, the idea of having the president of the world’s biggest economy championing your corner is obviously a nice position to be in,” said Weston. “The hope is he makes good on his proposal to turn the US into the global home of crypto output.
“Backing this, we see the prospect of the Republicans picking up both the House and Senate increasing – not yet a done deal, but the odds have increased, and this brings up concerns of deficit spending and ballooning debts – a dynamic to which some see as reason to buy Bitcoin as a hedge against debasement.”
The recent surge in Bitcoin prices is also attributed to the growing institutional interest and adoption of cryptocurrencies. Major financial institutions have been increasingly investing in Bitcoin, viewing it as a hedge against inflation and economic instability. The anticipation of a more crypto-friendly regulatory environment under a Trump administration has further fueled this optimism.
Analysts predict that if Trump follows through on his promises to support the cryptocurrency industry, we could see even higher prices for Bitcoin. His proposed policies, such as creating a strategic Bitcoin reserve and providing subsidies for Bitcoin mining, are expected to boost the market significantly.
