US President-elect Donald Trump’s campaign promises to the crypto industry have left analysts optimistic about the future of cryptocurrencies. The president-elect has vowed to make the US the “crypto capital of the planet” and has taken steps to ease regulatory pressures on the industry.
Bitcoin, the flagship cryptocurrency, hit a new high Monday, soaring 12% to $89,174, according to Coin Metrics. Other cryptocurrencies such as Ether, Dogecoin, and MicroStrategy also saw significant gains. The price increases are attributed to investors’ hopes for a more favorable regulatory environment under Trump’s administration.
Experts believe that the anticipated “cryptofriendly” nature of Trump’s administration will lead to increased investor confidence and drive demand for cryptocurrencies. In recent days, spot crypto ETFs have seen massive inflows, with net inflows for Bitcoin and Ethereum exceeding $2 billion and $132 million respectively.
Analysts predict that bitcoin may reach the $100,000 milestone by the end of the year, driven by investor expectations of a more favorable regulatory environment. The US Securities and Exchange Commission (SEC) has been seen as an obstacle to crypto growth under previous administrations, but Trump’s pledge to take on the commission’s chairman has sparked hopes for change.
With many analysts expecting continued gains in the cryptocurrency market, investors are cautiously optimistic about the prospects for cryptocurrencies under Trump’s leadership.
Source: https://www.cnbc.com/2024/11/11/crypto-market-today.html