Bitcoin prices have skyrocketed, reaching within touching distance of $100,000 after a sudden crash earlier this week. The recent surge is attributed to Donald Trump’s election as US president, which has fueled a massive $15 trillion bitcoin price bet. As the new administration relaxes regulations, institutional investors are expected to deepen their exposure to crypto assets.
Ed Hindi, chief investment officer at Tyr Capital, predicts that the price of Bitcoin will reach $250,000 by 2025, citing a “regulatory green light” triggered by Trump’s election. Ripple’s XRP has also surged 13% this week, with its price soaring almost 200% since November’s US election.
The recent gains are attributed to the possibility that Trump may replace outgoing SEC chair Gary Gensler with a pro-crypto regulator, which could end Ripple’s drawn-out legal battles. The New York Department of Financial Services is reportedly close to approving a new stablecoin issued by XRP developer Ripple.
Bitcoin bulls have ramped up their 2025 price predictions, and market analysts expect the recent volatility to continue into the next few weeks. Analyst Yuya Hasegawa notes that Thanksgiving often marks a turning point for bitcoin prices, with the price tend to recover after a week or two. However, some experts warn of potential corrections, citing “fear of missing out” and over-extended markets.
Source: https://www.forbes.com/sites/digital-assets/2024/11/30/bitcoin-and-ripples-xrp-suddenly-soar-on-massive-trump-100000-price-green-light