Trump celebrates Bitcoin surpassing $100k milestone following election win

President-elect Donald Trump lauded Bitcoin’s (BTC) record-breaking ascent previous $100,000, congratulated Bitcoin traders on his Fact Social platform, and attributed the milestone to his affect.

Trump declared that Bitcoin traders are “welcome,” framing the surge as a testomony to his pro-growth insurance policies. He mentioned:

“CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Collectively, we’ll Make America Nice Once more!”

Following the US election outcomes on Nov. 6, Bitcoin skilled a collection of all-time highs, culminating in a historic all-time excessive of $104,611 on Dec. 4. Nonetheless, as of press time, the flagship crypto was buying and selling round $98,300 following a retracement.

Over this era, BTC delivered a staggering 36% return, with market sentiment buoyed by what many merchants and analysts dubbed the “Trump commerce.”

Trump commerce

Bitcoin’s rally gained traction in early October after a interval of extended stagnation, pushed by hypothesis surrounding the election’s end result. Merchants and traders started pouring into danger property, together with Bitcoin and US equities, anticipating {that a} Trump victory would catalyze a value surge.

This pre-election momentum pushed BTC costs up 20% in only a month. Market analysts responded by revising their forecasts, aligning funding methods with the bullish sentiment spurred by Trump’s political comeback.

Commonplace Chartered’s international head of digital property analysis, Geoffrey Kendrick, mentioned traders should purchase Bitcoin’s dip at $60,000 on Oct. 3, citing Trump’s potential win as a pivotal issue. Kendrick’s name coincided with rising market confidence in a pro-crypto administration.

VanEck’s head of digital asset analysis, Matthew Sigel, echoed this optimism, elevating the agency’s value goal for Bitcoin to $180,000 in the course of the present bull cycle. Sigel attributed his bullish outlook to a mix of institutional demand and the political tailwinds from Trump’s election victory.

In the meantime, Bitwise CIO Matthew Hougan described Trump’s presidency as heralding a “Golden Age of Crypto.” In a memo launched after the election, Hougan recommended that Trump’s administration might usher in higher regulatory readability for the US crypto market.

Hougan emphasised that Bitcoin’s fundamentals coming into 2024 had been already sturdy, bolstered by institutional demand following the approval of spot Bitcoin ETFs within the US and the growing adoption of real-world use instances.

Nonetheless, he famous {that a} pro-crypto authorities might amplify these beneficial properties, offering the ultimate push to cement Bitcoin’s place as a mainstream asset class.

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