Originally published on: November 07, 2024
Donald Trump’s recent win in the US Presidential Election is causing a stir in the cryptocurrency world, with experts predicting a potential Bitcoin surge above $100,000 in the near future.
Following Trump’s successful campaign, which saw him secure key swing states like Pennsylvania, North Carolina, and Georgia, Ryan Lee, the chief analyst at Bitget Research, suggests that Bitcoin may rally above the six-figure mark.
The derivatives market’s implied volatility, coupled with high open interest in futures markets, indicates that traders are gearing up for a significant Bitcoin price movement, as reported by Cointelegraph.
Many in the cryptocurrency space view Trump’s presidency as a positive development, expecting clearer regulations that will support blockchain innovation. Additionally, with the Republican Party now controlling the Senate, there is optimism for more business-friendly regulations in the industry.
However, there are concerns that Trump’s policies could lead to sustained inflation rates above 3.5% in the US economy in the medium to long term.
Despite these uncertainties, US-based Bitcoin exchange-traded funds (ETFs) have resumed their buying activities and recorded a substantial $621 million worth of net inflows following Trump’s victory. This surge in ETF inflows signals growing confidence from Wall Street in the cryptocurrency market’s future outlook.
Analysts like Alex Krüger suggest that Bitcoin’s price may never drop below $60,000 again, highlighting the increasing bullish sentiment towards the digital asset.
As the cryptocurrency market continues to evolve amidst political shifts and regulatory changes, the landscape for Bitcoin and other digital currencies remains dynamic and full of potential. Stay updated on the latest developments in the world of finance by subscribing to our newsletter for exclusive insights and analysis delivered weekly. Don’t miss out on valuable opportunities to make informed decisions and navigate the ever-changing financial ecosystem with confidence.
