Bitcoin soared to an all-time high above $75,000 following the 2024 U.S. presidential election victory of Donald Trump. Market analysts argued that investor sentiment flowed partly from perceived crypto-friendly Trump and reduced regulatory pressures as Bitcoin spearheaded a rally across the broader cryptocurrency market.
The immediate effect of Trump’s victory has seen Bitcoin break through previous all-time highs, a move supported by strong spot demand. Moreover, the market is so euphoric that large-scale liquidations of the shorts have been observed, and the liquidation has cumulatively reached nearly $180 million. This rally evidences the market pricing in expectations of friendly crypto policies under Trump’s administration, leveraging from his historical friendliness toward the sector.
Large altcoins also joined in on the fun as Bitcoin exploded above $75,000. Ethereum (ETH) jumped 9% to sail past $2,800, and Solana (SOL) jumped a full 13% as the wider crypto community celebrated Trump’s win. This surge in the prices of alternative currencies underlines the general euphoria within the investor community regarding the effects a Trump administration may unleash on crypto.
Market analysts now target more upside for Bitcoin, with some calling for $100,000 in the upcoming months. Many say the new incoming leadership from Trump may ease regulatory pressures on digital assets, making them more attractive to institutional investors and retail traders alike. The latest rally, in fact, cleared the short positions out entirely, further amplifying the bullish sentiment as crypto enthusiasts are hinting at the start of a prolonged upward trajectory in the market.
But outside of the U.S., the latest permission to try a CBDC pilot in South Korea just joined the spate of regulatory developments that have been making headlines as far as digital assets are concerned. This was a pilot program-as it were-with seven major banks across the nation, with which they wished to mainstream CBDCs into the financial ecosystem in Asia and, consequently, help in driving crypto adoption at large.
The political optimism and momentum of the market set a backdrop in response to Donald Trump’s post election win, teeing up what many would call a historic bull run. But with Trump’s policies now unraveling, attention shifts to changes in regulations that could take Bitcoin to further heights-a bellwether of the wider crypto market-what will prove to be the most closely watched event for investors and analysts.
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