Bitcoin Price: Bitcoin price approaches $90,000 as the cryptocurrency market passes its pandemic-era peak

BitcoinRecord breaking pool The digital assets crossed $89,000 and raised the total value of Crypto market Higher than its pandemic-era peak as traders bet on prosperity under the president-elect Donald Trump.

The largest token has jumped about 32% since the US election on November 5 and reached an all-time high of $89,599 early Tuesday. The native cryptocurrency was trading at $89,165 as of 9:25 am in Singapore.

Trump has pledged friendlier regulations for cryptocurrencies, and his Republican Party is tightening its grip on Congress to push his agenda. Other pledges include creating a strategic Bitcoin stockpile in the United States and promoting domestic mining of the token.

His stance represents a sharp departure from the SEC’s crackdown on the divisive industry under President Joe Biden’s administration. This shift has invigorated speculative buying of cryptocurrencies both large and small, pushing the value of digital assets to about $3.1 trillion, CoinGecko data shows.

The play “Red Hot”.

Bitcoin is in “beast mode,” Chris Weston, head of research at Pepperstone Group, wrote in a note. “The question for traders that has not really been decided is whether there is still room to chase this hot play or wait for a slight bounce and some heat to escape from the impulsive trend.”

In the options market, investors are betting that Bitcoin will surpass $100,000 once the year ends, according to data from the Deribit exchange. Meanwhile, software company MicroStrategy Inc. – The largest publicly traded Bitcoin outside of the exchange-traded fund sector – About 27,200 BTC for about $2 billion between October 31 and November 10.

Traders currently pay little attention to questions like how quickly Trump will implement his agenda or whether strategic stockpiling is a realistic move.

Extended rally

Bitcoin has more than doubled so far in 2024, boosted by strong demand for dedicated US ETFs and interest rate cuts by the Federal Reserve. The rise in the token exceeds the returns on investments such as global stocks and gold.

“It would be normal to see a period of digestion after such a sharp rise,” Fairlead Strategies LLC technical analyst Katie Stockton said in her latest research note, recommending a “short-term neutral bias.”

Digital asset companies spent large sums of money during the US election campaign to promote candidates seen as supportive of their interests. Against this backdrop, Trump has changed his position, becoming a supporter of an industry he once described as a scam.

His support has turned Bitcoin into one of a group of so-called Trump trades. Other indicators include US stocks and the dollar, both of which are also advancing given Trump’s focus on domestic economic growth and protectionist tax cuts and duties.