- Trump celebrated Bitcoin’s $100k milestone, attributing the surge to his affect on crypto insurance policies
- Analysts predict a possible slowdown in Bitcoin’s rally after Trump’s inauguration in January 2025
Bitcoin [BTC]’s unprecedented surge previous the $100,000-level has sparked celebrations throughout the crypto neighborhood. However, it wasn’t simply fanatics reveling within the achievement.
President-elect Donald Trump joined the highlight, taking a victory lap on 5 December whereas attributing BTC’s historic worth rally to his affect.
Trump on Bitcoin hitting a brand new milestone
In a submit on the Truth Social platform, Trump expressed his pleasure and stated,
“CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!!”
He added,
“Together, we are going to Make America Great Again!”
Needless to say, all through his 2024 election marketing campaign, Trump made a number of guarantees geared toward remodeling the crypto panorama within the United States.
His pro-crypto place fueled optimism among the many neighborhood, with many anticipating BTC’s rise to $100k.
And, to everybody’s nice shock, Bitcoin on 5 December surpassed this milestone, briefly climbing to round $102K.
However, the joy was tempered because the cryptocurrency quickly skilled a pullback. At the time of writing, it was buying and selling at $97,905.96, following a +2% drop within the final 24 hours.
Trump’s standing by his phrases to make U.S crypto-friendly
Additionally, in keeping with his pro-crypto guarantees, Trump has beforehand vowed to fireplace SEC Chair Gary Gensler. Recent developments appeared to substantiate his dedication to reshaping U.S. crypto coverage.
Trump has chosen Paul Atkins, a outstanding crypto advocate and former SEC Commissioner underneath President George W. Bush, to take the function of the brand new SEC Chairman.
Additionally, the President has additionally made a daring transfer by appointing former PayPal COO David Sacks because the “White House A.I. & Crypto Czar,” signaling a big shift within the nation’s method to cryptocurrencies.
Hence, Trump’s actions exhibit his dedication to fulfilling his pro-crypto guarantees, signaling a shift in direction of a extra crypto-friendly U.S. surroundings.
However, because the 2024 election cycle progresses, some analysts predict a possible slowdown in market momentum.
In reality, historic traits, backed by analysis from Bloomberg and Macrobond Financial, counsel that whereas U.S. markets, together with Bitcoin, usually file a surge following presidential elections, the rally tends to lose steam as soon as the newly elected president assumes workplace.
And, thus the apparent query arises – Will Bitcoin see a serious correction post-Trump’s inauguration on 20 January 2025?
