Traders needed only to hear and see a combination of low interest rates, improving crypto sentiment, and Donald Trump in the Oval Office to push a new all-time high. And, with US elections now done and Trump in the driving seat, Bitcoin and crypto prices can only rise.
Are you ready for the giga rally? pic.twitter.com/ttQVQePY6t
— CRYPTO₿IRB (@crypto_birb) November 6, 2024
Bitcoin Price Rallying As Trump Triggers Risk-On Fever
Earlier today, BTC broke $73,800 and rose to $75,000 on several exchanges.
Although prices have since retraced, optimism is high, and the community expects sharp gains throughout November and December.
(BTCUSDT)
Remember, this week, the FOMC is expected to announce more rate cuts, with expectations falling to a further 0.25 rate cut.
With easy money in the United States, a relief for emerging economies, citizens will have more to invest, including Bitcoin.
Buying crypto now only makes sense. Trump is pro-crypto and, during his campaign trials, promised to create proper regulatory frameworks to end the needless crypto crackdown and create a crypto hub in the United States.
The issue is that sometimes politicians can fail to keep their promises.
Will Donald Trump be any different?
Will he end what he described as an “anti-crypto crusade” by the Biden administration?
DON’T MISS: How to Buy Bitcoin Anonymously in November 2024 – No KYC Guide
Donald Trump Has A Crypto Plan
Over the years, especially after the collapse of FTX, the United States SEC and the DoJ have sued, charged, and imprisoned crypto figures.
Coinbase and Binance were not spared. Donald Trump was watching all these events unfold. Trump said he would fire Gary Gensler when attending the Bitcoin Conference in Nashville.
Crypto critics claim Gensler has been hounding projects and stifling innovation and growth.
Additionally, Trump plans to expand Bitcoin mining in the United States, which he said would make the country dominant and its energy grid robust.
A Bitcoin-mining America means more BTC in the hands of citizens, a decision that would further align with his plans to create a strategic Bitcoin reserve.
So far, a proposal to create this fund and diversify the country’s strategic assets, including BTC, has been made.
Bitcoin bulls might find the much-needed tailwinds for a leg up, perhaps to $100,000.
#Ethereum bounces upwards.
I think we'll continue that pace. The FED meeting on Thursday is important to watch, where they'll likely state another 25bps rate cut.
Then –> continuation on the markets and $90,000-100,000 for Bitcoin next. pic.twitter.com/NTPPmYJzAj
— Michaël van de Poppe (@CryptoMichNL) November 6, 2024
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