A Trump Bitcoin Promise: Crypto Fans' Unexpected Delight
According to CNN, the crypto industry is experiencing a significant surge following Donald Trump's election victory. Despite previously opposing government involvement in cryptocurrency, enthusiasts are now embracing Trump's promises of pro-crypto policies. The price of bitcoin has skyrocketed by over 30% since Election Day, nearing $90,000 and potentially reaching $100,000 by year-end. This rally reflects optimism that Trump's administration will legitimize cryptocurrencies like never before (source: CNN).
Bitcoin's Rollercoaster Ride Post-Election
Euronews reports on the volatile journey of bitcoin prices after an initial post-election surge. Following a peak above $90,000 due to investor enthusiasm for potential favorable regulations under Trump’s leadership, bitcoin experienced a pullback below $87,000 amid global market selloffs and looming US inflation data concerns. Analysts suggest this volatility could continue as profit-taking limits further gains despite ongoing bullish sentiment driven by expectations of regulatory changes (source: Euronews).
Musk and Trump Influence Dogecoin Surge Over Bitcoin
Barron's highlights how Dogecoin is outperforming Bitcoin amidst recent political developments involving Elon Musk and Donald Trump. While both digital currencies have seen increased interest post-election due to anticipated policy shifts favoring cryptocurrencies under Trump’s presidency, it appears that Dogecoin's memetic appeal combined with Musk's influence has given it an edge over its more established counterpart in terms of performance during this period (source: Barron's).
The Cooling Off Period After Bitcoin Rally
Bloomberg notes that while Bitcoin saw substantial growth following Trump's electoral success—rising about 30%—the momentum seems to be cooling off as traders reassess the impact of his support for crypto markets moving forward. As trading stabilizes around lower levels than earlier highs near the $90k mark, questions arise whether current valuations already reflect all positive sentiments associated with expected future-friendly regulation from the incoming administration (source: Bloomberg).
Bitcoin Consolidates Amidst Resistance at New Highs
CoinDesk provides insight into how resistance encountered at new record highs led BTC towards a consolidation phase instead. With altcoins also facing declines alongside broader index drops, the entire sector is experiencing similar effects. Market participants observe these trends, seeking stability amidst challenging conditions (source: CoinDesk).
Sources:
- A Trump bitcoin promise is what crypto fans once fought against. They love it anyway
- Bitcoin retreats after 33% surge since Trump’s US election win
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- Bitcoin Rally Cools After More Than 30% Jump Since Trump Victory
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