Bitcoin Price Nears $90,000 After US President-Elect Donald Trump's Victory: What's Fuelling the Optimism Around Crypto

Will Bitcoin's price breach the $100,000 mark in the coming weeks?

Written by Radhika Parashar, Edited by David Delima | Updated: 12 November 2024 19:38 IST

Bitcoin Price Nears $90,000 After US President-Elect Donald Trump's Victory: What's Fuelling the Optimism Around Crypto

Photo Credit: Reuters

Donald Trump previously promised to make Bitcoin a reserve asset like gold

Highlights

The global crypto market cap recently crossed $3 trillion
Donald Trump has said that he will support self-custody of assets
He has argued against crypto taxes on transactions

The cryptocurrency market has seen a massive surge in recent days, following US President-elect Donald Trump's victory in the recently concluded election. Bitcoin has seen its price rise by as much as 26.55 percent over the past week, while the total market cap of the crypto sector briefly surpassed the $3 trillion (roughly Rs. 2,53,13,310 crore) mark, according to data from real-time price tracking websites. Bitcoin surged past the $89,900 (roughly Rs. 75.9 lakh) over the past 24 hours and it is presently trading at $87,675 (roughly Rs, 73.9 lakh).

Most cryptocurrencies have also risen in value after Trump won the US Presidential election earlier this month. The 78-year-old is set to become the 47th President of the US. Market analysts have told Gadgets360 that crypto investors are hopeful that the President-elect will adhere to his crypto-related promises made during his campaign.

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During his campaign, Trump reportedly said he would replace US SEC chair Gary Gensler with a crypto-friendly candidate. In recent years, Gensler has initiated investigations into multiple crypto companies like Coinbase and Binance.

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He also promised to make Bitcoin a reserve asset like gold and suggested that crypto taxes should be removed, reports have noted. Vouching for a new era for the virtual digital assets industry, Trump has also reportedly said that he will support self-custody of assets for investors, which could help them protect their funds from hacks on crypto exchanges.

Crypto Firms React to Ongoing Bitcoin Rally

Crypto market analysts believe that Trump's victory in the recently concluded US Presidential election has fuelled optimism in the sector. “Trump's support for digital assets could lead to more progressive regulations, fostering an environment conducive to greater institutional and retail investment in the sector. This represents a transformative moment for the crypto and Web3 space,” Vishal Sacheendran, Head of Regional Markets at Binance told Gadgets360.

ZebPay COO Raj Karkara said Trump's election would prompt more investors to turn to Bitcoin amid the ongoing rally. “Bitcoin's dominance stands strong at around 58.25 percent, highlighting its central role in the crypto ecosystem. According to CoinMarketCap, community sentiment aligns with this rise, with nearly 76 percent viewing the momentum as bullish, signalling heightened investor confidence. ZebPay has also seen a 55 percent increase in trading volume over the past 24 hours, driven by Bitcoin's rise and notable activity in other altcoins,” Karkara noted.

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It is worth noting that that the crypto market is presently extremely volatile. While BTC is on an upward surge, multiple altcoins are trading sideways. Market experts have advised investors to trade with caution and due diligence.

Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Donald Trump

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More