Trump's "Deal" Effect Continues to Drive Bitcoin to New Highs!

Trump's "Deal" Effect Continues to Drive Bitcoin to New Highs!Bitcoin has continued its upward climb since Donald Trump won the US presidential election. Early this morning, Bitcoin briefly surpassed $77,000, setting a new all-time high

Trump's "Deal" Effect Continues to Drive Bitcoin to New Highs!

Bitcoin has continued its upward climb since Donald Trump won the US presidential election. Early this morning, Bitcoin briefly surpassed $77,000, setting a new all-time high. Over the past seven days, spot Bitcoin has surged approximately 10.6%, and has gained over 70% this year. However, amidst the dramatic volatility, the number of liquidations has also been increasing. Coinglass data shows that over 91,000 people liquidated their positions in the cryptocurrency market in the last 24 hours.

It's worth mentioning that Bitcoin investors have once again made history. According to Nate Geraci, president of TheETFStore, the iShares Bitcoin ETF (IBIT) a Bitcoin exchange-traded fund managed by BlackRock, the world's largest asset manager has now surpassed the assets under management of its iShares Gold ETF (IAU). IBIT achieved this feat in just 10 months, while iSharesGoldTF (IAU) was launched by BlackRock back in January 2005. In contrast, BlackRock's Bitcoin ETF was only launched in January of this year.

During his campaign, Trump repeatedly expressed his approval of Bitcoin and cryptocurrencies, arguing that their innovative spirit and autonomy align with American core values. He emphasized that if the US doesn't embrace cryptocurrency first, other countries will take the lead in this field. Therefore, he plans to support cryptocurrencies through policy, making the US a global leader in Bitcoin and blockchain technology.

Reports suggest that Trump's transition team is considering Dan Gallagher, a top executive at the online brokerage Robinhood, to be the next Chairman of the Securities and Exchange Commission (SEC). Gallagher has also earned the admiration of executives in the cryptocurrency industry.

Trump's positive stance on cryptocurrencies, coupled with his potential appointee for the SEC who is friendly to cryptocurrencies, has fueled further expectations for Bitcoin's future development. The market anticipates that Bitcoin prices could continue to climb as the US government offers policy support for cryptocurrencies. However, investors should maintain rationality, exercise caution in navigating market fluctuations, avoid excessive chasing of upswings or selling during downturns, and guard against the risk of liquidation.