Unprecedented Bitcoin Surge Amidst Trump's Crypto Moves
Bitcoin's Thursday Climb
Bitcoin continued its upward trajectory on Thursday, approaching six-figure territory. News of President-elect Donald Trump considering candidates for a position dedicated to steering cryptocurrency policy has fueled this excitement. In the early morning, Bitcoin jumped by 4%, trading around $97,920. With a market cap nearing $2 trillion, it was the most-traded cryptocurrency on Thursday morning. According to CoinMarketCap data, the trading volume surpassed $96 billion over the last 24 hours. This surge showcases the growing importance and popularity of Bitcoin in the global market.Bitcoin's rally since the election has been nothing short of wild. The news on Thursday that Trump could create a new position to oversee and guide the crypt market has further stoked the excitement. It's unclear whether this position will be a senior White House official or an "crypto czar" responsible for overseeing crypto regulation across different government areas. However, it would be the first of its kind in the White House, as most crypto regulation currently falls under the Securities and Exchange Commission or the US Commodity Futures Trading Commission.
The flurry of activity surrounding Bitcoin's rise is being driven by hopes that the incoming administration will be friendly to the crypto industry. Traders and investors are closely watching these developments, as they believe that Trump's policies could have a significant impact on the future of digital assets.
Trump's Candidate Interviews
Trump's team is currently in the process of interviewing candidates for the crucial role at Mar-a-Lago. Top industry figures are in the running, adding to the excitement and anticipation. Brian Brooks, the former CEO of Binance.US and a potential shoo-in for the SEC Chair, spoke with Trump on Tuesday. Brian Armstrong, the CEO of Coinbase, also met with Trump on Monday. These meetings have raised hopes among crypto enthusiasts that Trump's administration will take a more favorable stance towards the crypto industry.However, neither Trump's camp nor Coinbase immediately responded to a request for comment from Business Insider. This lack of response has left some investors wondering about the future direction of crypto policies under the new administration. Nevertheless, the market remains optimistic and continues to watch these developments closely.
Bitcoin's sharp rally since Trump secured his second election win is a clear indication of the market's confidence in his leadership. Crypto investors are hopeful that the President-elect will pursue policies that will help boost digital asset prices during his term. In particular, they are looking for friendlier regulation or even a national bitcoin stockpile, as Trump mentioned during his campaign trail.
Six-Figure Forecasts on Wall Street
Six-figure bitcoin forecasts are gaining traction on Wall Street. Standard Chartered predicts that the crypto could rally to $125,000 by the end of the year, as stated in a September note. Piper Sandler's chief market technician, Craig Johnson, believes that Bitcoin is headed towards $130,000. His interview with CNBC on Thursday further fueled the optimism among investors.These forecasts highlight the growing belief in Bitcoin's potential and the impact it could have on the global financial landscape. As Bitcoin continues to break records and attract attention from both investors and institutions, it remains a topic of great interest and speculation.
The future of Bitcoin and its relationship with the Trump administration remains uncertain. However, the current trends and developments suggest that Bitcoin is here to stay and will continue to play a significant role in the world of finance.