The "Trump Trade" Returns, Bitcoin Surges Past $89,000 as Cryptocurrency Market Explodes

The "Trump Trade" Returns, Bitcoin Surges Past $89,000 as Cryptocurrency Market ExplodesThe "Trump Trade" appears to be back in action, as market anticipation of policies the incoming US President Donald Trump might enact is driving a significant surge in the cryptocurrency market. Coinglass data reveals Bitcoin breaking through $89,000, reaching a new all-time high, representing a surge of over 11% within 24 hours

The "Trump Trade" Returns, Bitcoin Surges Past $89,000 as Cryptocurrency Market Explodes

The "Trump Trade" appears to be back in action, as market anticipation of policies the incoming US President Donald Trump might enact is driving a significant surge in the cryptocurrency market. Coinglass data reveals Bitcoin breaking through $89,000, reaching a new all-time high, representing a surge of over 11% within 24 hours. Its total market cap now exceeds $1.76 trillion. Dogecoin also exhibited an impressive rally, gaining 27% in the past 24 hours, while the overall cryptocurrency market witnessed over 160,000 liquidations.

News reports suggest that Trump is working to shift the US government's stance towards cryptocurrencies, aiming for a more lenient regulatory framework. To achieve this, Trump is actively seeking individuals with a favorable outlook on the crypto industry to fill key positions. His senior advisors have reportedly initiated communication with crypto industry executives to discuss potential federal policy adjustments.

Initial discussions focus on multiple financial regulatory bodies, including the Securities and Exchange Commission (SEC). Five sources familiar with the matter reveal that Trump's advisors are considering promoting current regulators, former government officials, and financial industry executives to prominent leadership positions. Notably, these potential candidates have predominantly expressed open support for cryptocurrencies. It's worth noting, however, that these discussions are still in their early stages, and the list of candidates may be subject to change.

Alongside Trump's administration's policy expectations, Tesla CEO Elon Musk's company has become another major force driving the cryptocurrency market's upward trajectory. Tesla's stock experienced a substantial rise yesterday, gaining approximately 9%, marking its largest five-day gain in four years. Its total market cap reached $1.12 trillion, propelling it to the seventh spot on the US stock market. As a vocal supporter of Dogecoin, Musk's company's strong performance also provides solid backing for Dogecoin's surge.

Cryptocurrency-related stocks are also exhibiting impressive gains. On Monday (November 11th), European and US stock markets experienced collective upticks, with the Dow Jones Index rising 0.69%, the S&P 500 Index climbing 0.1%, and the Nasdaq Index gaining 0.06%, all reaching new all-time highs. Cryptocurrency-related stocks have even more pronounced gains, with Canaan Inc. jumping 41%, MicroStrategy surging 25%, Coinbase climbing 19%, highlighting investors' optimistic outlook on the future of cryptocurrency.

Chinese companies listed in the US also demonstrated strong performance overall, with the Nasdaq Golden Dragon China Index rising 0.59%. Prominent Chinese ADRs witnessed significant gains, including WeRide.ai up over 44%, BIT Mining up over 26%, Kingsoft Cloud up over 17%, XPeng up over 14%, Futu Holdings up over 7%, showcasing robust growth momentum.

In conclusion, the combined impact of Trump's administration's policy expectations on cryptocurrencies, Tesla's robust performance, and investors' optimistic view of the industry's future prospects have ignited a frenzy in the cryptocurrency market. Bitcoin has broken through $89,000, achieving an all-time high. Other cryptocurrencies like Dogecoin have also experienced substantial rises. However, it's crucial to remember that the cryptocurrency market is highly volatile. Investors should exercise caution, invest rationally, and prioritize risk management when engaging in cryptocurrency investments.