Trump's return ignites sharp rally in bitcoin. Is $100k incoming?
Subscribe to enjoy similar stories. The week gone by was a big one for financial markets as Donald Trump returned to the White House as the new US president. With Trump back in power, it’s almost a given - his pro-business stance and commitment to boosting the American economy are the front and centre.
The surge in share markets reflects investor confidence that his agenda will drive this deal to completion. US stocks rallied overnight on the election day, with Tesla jumping 15% and DJT soaring over 30%. Other big gainers were fintech companies tied to the crypto industry.
Coinbase shares rallied, marking their strongest performance since January 2023. The real standout performer, however, was bitcoin. The largest cryptocurrency skyrocketed to a new all-time high of $75,000 as Trump’s odds of winning gained momentum.
The rally further gained momentum as Bitcoin hit a new all-time high of $81,000 on Monday. At the time of writing this, prices have neared $90,000! A big part of the reason why crypto prices, especially Bitcoin, is inching higher is because Donald Trump is the first president who has vowed to ease the regulatory burden on crypto. Trump has not shied away from bitcoin and has always been pro-crypto market.
This time, Trump campaigned on a vision of a pro-bitcoin administration - one that would protect digital assets, create a regulatory environment favouring crypto growth, and establish a US bitcoin strategic reserve. These moves would not only boost bitcoin but could also spark a global domino effect. In the aftermath of World War II, the global economy was in shambles.
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