Bitcoin soared to an all-time high, surpassing $82,000, on Monday amid expectations of crypto-friendly policies under President-elect Donald Trump. As of 5:20 a.m. ET, Bitcoin was trading at approximately $82,327, marking a 3.8% increase on the day. Altcoins like Solana, Cardano, and Dogecoin also rallied, riding the wave of optimism.
The crypto market has experienced unprecedented growth, with Bitcoin’s market cap reaching $1.6 trillion and the total crypto market valuation now standing at $2.8 trillion. This surge coincided with a notable uptick in U.S. stock performance, underscoring a broader market rally. According to CoinGlass, the spike in Bitcoin’s value triggered the liquidation of 211,649 traders, with total liquidations exceeding $624.9 million in the last 24 hours.
Market Outlook with Trump’s Pro-Crypto Presidency
The election has brought about a Congress heavily favoring digital assets, with 266 pro-crypto representatives elected, significantly outnumbering the 120 opposed. This shift has fostered a pro-crypto environment in the U.S., further supported by a recent 25 basis point rate cut and proposed strategic Bitcoin reserve plans. The true impact of these developments will unfold as Trump takes office, but for now, the market is well-positioned for growth.
Trump’s Initiatives Signal Major Growth Potential for Crypto
Prior to the election, Trump hinted at a major crypto project centered on decentralized lending. Markus Thielen, founder of 10X Research, noted, “With nearly $3 trillion in liquid assets, the crypto industry offers a lucrative opportunity for the U.S. economy—something Trump recognizes.” Thielen believes this, coupled with key milestones like a $16.5 billion distribution to FTX creditors, potential SEC leadership supportive of crypto, and attempts to repeal the restrictive SAB 121 rule, will fuel adoption.
The Bitcoin Act: Establishing Bitcoin as a Strategic Reserve Asset
One of the most ambitious proposals in the pipeline is the Bitcoin Act, which seeks to make Bitcoin a strategic reserve asset for the U.S., similar to gold. This policy aims to acquire up to 5% of Bitcoin’s total supply, maintaining these assets in national reserves. It would create a “strategic national Bitcoin stockpile” to secure Bitcoin holdings, reflecting the U.S. government’s intention to establish a strong crypto foundation.
With these significant legislative and economic shifts, the stage is set for potentially transformative growth in the crypto sector under Trump’s leadership.
CentBit.Online
