Bitcoin Continues Rally Following Trump’s Election Win

Bitcoin Hits Another High Amid Rally in Cryptocurrencies

Bitcoin Soars to $81,854.98, Ether Stays Steady

Bitcoin reached a new high on Monday, continuing its upward trend after Donald Trump’s election victory. The flagship cryptocurrency surged by 3%, reaching $81,854.98, with a peak at $82,526.33. Ether, on the other hand, remained stable after a 30% increase last week, surpassing the $3,000 mark over the weekend. Decentralized finance token linked to Cardano rose by 1.7%, while XRP took a pause. Dogecoin saw an 8% increase.

Susannah Streeter Comments on Crypto Market Euphoria

Trump’s Pledge to Support Crypto Industry Boosts Bitcoin

Susannah Streeter, head of money and markets at Hargreaves Lansdown, mentioned the “euphoria” in the crypto market triggered by Trump’s win. She highlighted his change in stance towards supporting the industry, aiming to make the U.S. a crypto hub. Speculators anticipate a more favorable regulatory environment and the establishment of a reserve crypto fund leading to increased demand.

During his campaign, Trump made promises to enhance the crypto sector, including making the U.S. the global leader in crypto and emphasizing domestic bitcoin mining. He also expressed intentions to replace SEC Chairman Gary Gensler, known for his strict crypto regulations, despite the president lacking the authority to do so.

Citi Strategists’ Outlook on Crypto Market Post-Election

Crypto Trades Remain Strong Amid Trump’s Anticipated Crypto-Friendly Policies

Citi strategists highlighted that crypto remains one of the few “Trump trades” yet to decline, attributing it to expectations of a crypto-friendly administration under Trump. They noted substantial inflows in spot crypto ETFs following the election, with BTC and ETH ETFs seeing significant net inflows.

Analysts project a continued upward trajectory for crypto, with some predicting Bitcoin to reach $100,000 by year-end, buoyed by favorable policy expectations.