Bitcoin Nears $96K as Trump's Crypto Policies Spark Investor Frenzy

Bitcoin Price Surges Amid Optimism Over Trump's Crypto Policies

The cryptocurrency market is experiencing a significant upswing, with Bitcoin nearing the $96,000 mark. According to Investing.com, this surge is fueled by optimism surrounding Donald Trump's potential crypto-friendly policies as he prepares for office. The anticipation of regulatory changes under his administration has bolstered investor confidence in digital assets.

Reports suggest that Trump plans to shift much of the crypto oversight from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC), which could lead to less stringent regulations. This move comes after years of SEC crackdowns on alleged misconduct within the industry, causing fluctuations in prices since 2022.

XRP's Potential Surge: Analyst Predicts $20 Target

An analyst at The Crypto Basic suggests XRP might reach a price point of $20 if it can reclaim its peak against Bitcoin seen back in 2017. Currently trading around $1.47, XRP has shown resilience amid recent market recoveries and continues an upward trend against BTC since mid-November.

This bullish outlook hinges on XRP breaching key resistance levels and maintaining momentum above historical highs relative to Bitcoin. Despite past struggles following its all-time high retracement from January 2018, there remains cautious optimism about future gains should these conditions be met.

Altcoins Gain Momentum But Bubble Concerns Linger

NewsBTC reports massive inflows into altcoins amidst Bitcoin's record rally towards new heights near $100k, driven partly by political shifts favoring cryptocurrencies globally, including pro-crypto stances adopted during the U.S elections recently concluded, successfully electing President-elect Donald J. Trump, who advocates blockchain technology adoption widely across sectors worldwide. This potentially boosts institutional interest further, despite lingering fears over possible bubbles forming, akin to those witnessed previously throughout history, notably in 2021 when several tokens experienced dramatic declines post-initial surges upwards initially observed earlier, the same period prior to eventual corrections occurring thereafter, subsequently impacting overall sentiment negatively among investors.

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Article Summary

Bitcoin's price is surging towards $96,000 due to optimism over Donald Trump's potential crypto-friendly policies and possible regulatory shifts from the SEC to the CFTC. Meanwhile, XRP shows resilience with predictions of reaching $20 if it surpasses its 2017 peak against Bitcoin, while altcoins gain momentum amid concerns about a potential bubble similar to past market corrections.