Cryptocurrency prices have surged by nearly 50% in recent weeks, with bitcoin reaching an all-time high above $93,000. The price increase has sparked excitement among crypto enthusiasts, who see the victory of Donald Trump as a “revenge” for their losses in past market downturns. While some may view Trump’s win as a positive sign for cryptocurrencies, economists are more cautious, citing existing measures of economic misery that are failing to predict elections.
The surge in cryptocurrency prices is attributed to various factors, including mid-October’s surprise economic data and a decline in financial market volatility indicators. However, experts warn that the current market trends may not last, as new challenges and uncertainties arise under Trump’s presidency.
As Trump prepares to reshape trade, capital, and labor flows, economists are keeping an eye on how this will impact the global economy and cryptocurrency markets. With the US dollar expected to strengthen under his administration, investors are advised to be cautious and monitor developments closely.
In related news, the top contenders for the US treasury secretary position have been identified, with various experts weighing in on their qualifications and potential impact on economic policy.
Source: https://www.economist.com/finance-and-economics/2024/11/12/why-crypto-mania-is-reaching-new-heights