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Bitcoin hit an all-time high of $95,000 on Thursday, November 21, 2024, during early Asian trading hours. Currently trading above $95,700 (per Coingecko data), Bitcoin has surged by an impressive 125% in 2024 alone.
In contrast, meme coins faced a broad market decline, with their total market cap dropping 4.9% over the last 24 hours.
Trump Team Shapes Pro-Crypto Policies
President-elect Donald Trump is reportedly considering the creation of a crypto policy-specific White House role. The move aligns with Trump’s campaign promise to dismiss SEC Chair Gary Gensler and overhaul crypto regulations.
This potential role would be a first for the White House, signaling a landmark moment for cryptocurrency’s integration into U.S. policy. Trump’s stance as a crypto advocate is driving optimism across the market.
Bitcoin’s Explosive Two-Week Rally
Bitcoin’s rally from $70,000 to $95,000 unfolded over just two weeks, catalyzed by two major factors:
- Trump’s Election Victory:
- Bitcoin traded at $68,000 before the election and surged post-victory.
- Federal Reserve’s Rate Cut:
- A 25-basis-point cut fueled further market enthusiasm.
Bitcoin broke key resistance levels at $75,000, $80,000, $85,000, and $90,000 before reaching this milestone.
Market Predictions Confirmed
Crypto commentator BitQuant had predicted Bitcoin’s $95,000 surge earlier this year, citing a “cup and handle” formation on weekly charts identified by fellow analyst Mikybull Crypto.
This bullish chart pattern, characterized by consolidation, a reversal, and a breakout, was instrumental in Bitcoin’s recent price discovery phase, signaling a new cycle peak.
Trump’s Crypto Vision and Industry Impacts
President-elect Trump’s plans for the crypto sector include:
- Crypto Advisory Council:
- To design robust industry regulations.
- Potential Bakkt Acquisition:
- Reports suggest Trump Media & Technology (DJT) is nearing a deal to acquire the crypto trading platform.
- Engagement with Coinbase:
- Trump recently met Coinbase CEO Brian Armstrong, discussing industry strategies as the President-elect finalizes his cabinet.
During his campaign, Trump emphasized the importance of pro-growth crypto regulations, gaining support from major players like Coinbase, which contributed $100 million to political action committees supporting crypto-friendly candidates.
MicroStrategy’s Massive Bitcoin Bet
Michael Saylor, Executive Chairman of MicroStrategy, continues to double down on Bitcoin.
- Recent Acquisition:
- MicroStrategy purchased $4.6 billion in Bitcoin last week, bringing its total holdings to 279,420 BTC, valued at $24.5 billion (initial cost: $11.9 billion).
- Market Impact:
- These holdings now represent approximately 1.4% of Bitcoin’s $2.2 trillion market cap and one-third of MicroStrategy’s $73.3 billion enterprise value.
Saylor remains bullish, projecting Bitcoin to reach $100,000 by year-end 2024 and as high as $13 million over the next two decades.
Future Outlook
Bitcoin’s recent surge demonstrates its growing role in global financial markets, driven by institutional adoption and supportive policies under the incoming Trump administration.
As Bitcoin’s implied volatility (IV) rises to 60, market analysts caution about potential price swings around the $100K mark, fueled by short-term profit-taking.
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