Bitcoin continues to break new highs after Trump's victory

(Dan Tri) - After Donald Trump's victory, bitcoin prices continued to increase sharply, breaking previous historical peaks and approaching the 77,000 USD mark.

Bitcoin price continues to break the peak and increase to the mark of 76,850 USD. Currently, the digital currency is trading stably around the mark of more than 76,000 USD/BTC. According to data from CoinMarketCap , the price of bitcoin has not stopped increasing after the US presidential election ended with the victory of Mr. Donald Trump. At one point, the price of bitcoin even reached the mark of 77,000 USD. The market capitalization of bitcoin was thereby strongly pushed to the threshold of 1,500 billion USD. In the past 7 days, the price of bitcoin has increased by nearly 9.7%. According to Bloomberg , the possibility of the resignation of the Chairman of the US Securities and Exchange Commission (SEC) Gary Gensler after the victory of President Trump is sparking a rally in the cryptocurrency market. Under the leadership of Mr. Gensler, the SEC has led a strong crackdown on this industry, and has launched many lawsuits against cryptocurrency companies and traders. However, at a bitcoin conference in Nashville, Mr. Trump pledged to fire Gensler on the first day of his second term.

Bitcoin price increased sharply last week (Photo: Binance).

Bitcoin also rose in price immediately after the US Federal Reserve (Fed) decided to cut interest rates. As expected by the market, the Fed lowered the reference interest rate by another 25 basis points, to 4.5-4.75%. Fed officials commented that the US job market has loosened and inflation is moving towards the 2% target, economic activity is growing at a steady pace. The agency also repeated its comments two months ago, that risks to the job market and inflation are almost equal. The Fed's new move further reinforces the trend of monetary easing in major economies. The Bank of England has just cut interest rates by 0.25%, while Sweden reduced its base interest rate by 0.5%. The interest rate reduction helps support financial markets, but according to CoinDesk , cryptocurrency investors themselves are also happy with the statement of Fed Chairman Jerome Powell. In his first comments since Donald Trump was elected, Powell said the US election results would not affect the Fed's policymaking in the short term. This helped quell concerns that Mr. Trump could indirectly intervene to cause the central bank to reverse monetary policy. Previously, some observers said that the possibility of Mr. Trump's proposed policies such as increasing import tariffs, cutting domestic taxes or stimulating economic growth could rekindle inflationary pressures, forcing the Fed to take a more cautious approach.

According to Bloomberg, CoinDesk, CoinMarketCap

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Source: https://dantri.com.vn/kinh-doanh/bitcoin-lien-tuc-pha-dinh-sau-chien-thang-cua-ong-trump-20241108171835917.htm