Search
Close this search box.

Bitcoin Holds Strong at $75K After All-Time High

Bitcoin’s record-setting rally has steadied, with the cryptocurrency currently trading around $75,400. This price follows a new all-time high of over $76,000 set yesterday, marking Bitcoin’s latest in a series of high gains over the past weeks.

According to CoinGecko data, Bitcoin’s price increased by 1.4% over the past 24 hours, with more than $128 million in BTC trades—a trading volume only surpassed twice since 2013. The last time Bitcoin saw this level of trading activity was on May 20, 2021, during the “Black Wednesday” flash crash, when BTC dropped to $30,415 amid a $500 billion market cap wipeout.

The Trump Factor and Investor Hopes

Analysts have credited some of Bitcoin’s recent price strength to post-election optimism surrounding Donald Trump’s victory, anticipating that his pro-crypto stance could be favorable for the digital asset market. Key campaign promises, such as the creation of a national Bitcoin reserve and replacing SEC Chair Gary Gensler, have added to market enthusiasm.

Valentin Fournier, a BRN analyst, shared in a note, “Investors are hopeful that the pro-crypto promises made during Trump’s campaign will materialize, supporting Bitcoin’s bullish trajectory.” Fournier added that incoming rate cuts and potential economic stimulus could add further momentum to Bitcoin’s rise.

Upcoming Fed Decision Looms Over Bitcoin Market

Traders now turn their attention to the upcoming Federal Open Markets Committee (FOMC) meeting, with the CME FedWatch Tool showing a 99% likelihood of another rate cut ranging from 25 to 50 basis points. Many believe that a Federal Reserve decision to cut or hold the funds rate could impact Bitcoin’s price, as more liquidity and lower interest rates typically favor high-risk assets like crypto.

While market watchers eye potential rate cuts and the influence of Trump’s policies, a cautious note persists, as analysts warn that failure to deliver on campaign promises may dampen the rally. Whether Bitcoin will surge further or stabilize depends on the Fed’s decision and signals about fiscal stimulus as well as crypto-friendly policies under the incoming administration.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Bullish Times is a marketing agency committed to providing corporate-grade press coverage and shall not be liable for any loss or damage arising from reliance on this information. Readers should perform their own research and due diligence before engaging in any financial activities.

Leave a Reply

Your email address will not be published. Required fields are marked *