Bitcoin Hits $88K, Fuelled By Pro-Crypto Sentiment
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Bitcoin has reached a new all-time high, surpassing the $88,000 mark.
This significant milestone is primarily attributed to the pro-crypto stance of President-elect Trump.
His campaign promises, including the establishment of a Bitcoin Strategic Reserve and a more lenient regulatory environment, have ignited optimism within the crypto community.
A Republican-controlled Congress and potential changes within the Securities and Exchange Commission (SEC) further bolster this bullish sentiment.
The broader cryptocurrency market, including altcoins like Cardano, Solana, Shiba Inu, and Dogecoin, has also experienced substantial gains.
This surge in market activity reflects growing expectations for increased crypto adoption and integration within traditional financial systems, particularly in the banking sector.
Cryptocurrency-related stocks continued their upward trajectory post-election, driven by investor optimism ahead of Inauguration Day.
Coinbase, a major cryptocurrency exchange, surged by 20%, surpassing the $300 mark for the first time since 2021.
MicroStrategy, a significant Bitcoin holder, experienced a 25% increase in its stock price.
Additionally, bitcoin mining companies MARA Holdings and Riot Platforms saw substantial gains of 29% and 16%, respectively.
The overall bullish sentiment within the sector can be attributed to expectations of favourable regulatory developments.
Data: eToro, FactSet, Morningstar, S&P Capital IQ, ProRealTime, MarketScreener
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And now Trump has confirmed that Musk will lead a new department on government efficiency, another huge proponent of crypto! The price of dogecoin is up about 150% over the last month, crazy times!
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