Bitcoin continues to break new highs after Trump's victory

(Dan Tri Newspaper) - Following Donald Trump's victory, the price of Bitcoin has continuously surged, breaking previous historical highs and approaching the $77,000 mark.

Bitcoin's price continues to break records, reaching $76,850. Currently, the cryptocurrency is trading steadily around $76,000/BTC. According to data from CoinMarketCap , Bitcoin's price has not stopped rising after the US presidential election ended with Donald Trump's victory. At one point, the price even approached $77,000. Bitcoin's market capitalization was thus strongly boosted to the $1.5 trillion mark. Overall, in the past 7 days, Bitcoin's price 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, following President Trump's victory is fueling a surge in the cryptocurrency market. Under Gensler's leadership, the SEC spearheaded a strong crackdown on the industry, bringing numerous lawsuits against cryptocurrency companies and traders. However, at a bitcoin conference in Nashville, Trump pledged to fire Gensler on the first day of his second term.

Bitcoin price surged last week (Photo: Binance).

Bitcoin also rose in price immediately after the US Federal Reserve's (Fed) decision to cut interest rates. As expected by the market, the Fed lowered its benchmark interest rate by another 25 basis points, to 4.5-4.75%. Fed officials stated that the US job market has eased and inflation is heading towards its 2% target, with economic activity growing at a stable pace. The agency also reiterated its comments from two months ago, that risks to the job market and inflation are nearly equal. The Fed's latest move further reinforces the trend of monetary easing in major economies. The Bank of England just cut interest rates by 0.25%, while Sweden reduced its benchmark interest rate by 0.5%. The interest rate reduction helped support financial markets, but according to CoinDesk , cryptocurrency investors were also pleased by Fed Chairman Jerome Powell's statement. In his first statement since Donald Trump's election, Powell said the US election results would not affect the Fed's policymaking in the short term. This helped quell concerns that Trump might indirectly intervene and cause the central bank to reverse monetary policy. Previously, some observers had suggested that Trump's proposed policies, such as raising import tariffs, cutting domestic taxes, or advocating for economic stimulus, could reignite inflationary pressures, forcing the Fed to adopt 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