Bitcoin approaches $89,000 as bullish momentum grows, driven by institutional interest and anticipation of the April halving.
- Citi strategists identify cryptocurrency as one of the “few Trump trades that has yet to retrace.”
- On the campaign road, President-elect Donald Trump made a number of promises to the cryptocurrency business. Including declaring the United States the “crypto capital of the planet.”
- Analysts predict that bitcoin will reach $100,000 before the end of the year.
Bitcoin reached a new high on Monday, continuing the cryptocurrency boom after Donald Trump’s presidential victory.
According to Coin Metrics, the flagship cryptocurrency’s price was recently up more than 12% to $89,174. Recently, it reached a new high of $89,623.Ether increased by almost 7% to $3,371.79, following a 30% surge in the previous week that sent it back beyond the $3,000 threshold over the weekend.
The Cardano-based decentralized finance coin increased by 4.7%.Dogecoin increased by almost 24%. Monday’s regular trading session saw Coinbase close up 19.8% and MicroStrategy climb more than 25.7%. Both equities rose in extended trading as well.
Bitcoin touches $80,000 on Sunday for the first time ever.
Susannah Streeter, head of money and markets at financial platform Hargreaves Lansdown, remarked. That cryptocurrency’s rise coincides with “euphoria” in the market caused by Trump’s presidential victory last week.
“His pledge to go all in on crypto has sent Bitcoin to fresh heady heights.” She said in a research report Monday.
He has reversed his stance on supporting the business and now promises to transform the United States into the world’s crypto capital. Bitcoin speculators are counting on a more hospitable regulatory climate, with hopes that the government may establish a reserve crypto fund, boosting continuous demand.
During his campaign, Trump promised to make the United States the “crypto capital of the world the country claims to be “of the planet” and requires all bitcoin mining to take place within its borders.”
The Trump has promised to remove U.S. Securities and Exchange Commission Chairman Gary Gensler, who has a strong stance on cryptocurrency, despite his lack of authority to do so.
Last week, Citi analysts noted that cryptocurrency was one of the “few Trump trades that has yet to retrace.”
“Part of the reason is due to the anticipated cryptofriendly nature of Trump’s administration, which investors hope will translate into regulatory clarity in the U.S.,” said the analysts, lead by David Glass.
They stated that after the election, spot crypto ETFs have experienced some of their largest-ever inflows.
“Specifically, net inflows for BTC and ETH ETFs in the two days post-election were $2.01bn and $132mn, respectively,” according to the researchers. “We continue to see ETF flows as the main driver of Bitcoin returns.”
Analysts predict that cryptocurrency will continue to increase, with bitcoin expected to reach $100,000 by the end of the year.
Read more: Trump’s Win Powers Bitcoin Rally, Crypto Lobbyists Score Big