Bitcoin-btc-closeup-gID_7.png@png” />
In summary
- Bitcoin hit an all-time high of $105,004, driven by factors such as President-elect Donald Trump’s pro-crypto policies.
- The Cryptocurrency Advisory Council proposal seeks to integrate crypto leaders and legislators to guide economic policies in the US.
- Altcoins such as SUI and Polkadot gained traction, with increases of 7% and 5.8%, reflecting the impact of optimism in the crypto market.
Bitcoin has reached new highs above $104,900, as this year’s rally continues to benefit from several favorable factors, including President-elect Donald Trump’s impact on the markets.
The asset has risen 4.3% on the day after reaching a new record price of $105,004. It has increased more than 140% in a year and 15% in a 30-day period, according to data from CoinGecko.
Bitcoin and the broader cryptocurrency market saw significant momentum following Trump’s presidential victory in early November. While questions remain over whether a spate of proposed new policies for digital assets will become a reality, others are confident that recent developments are fueling momentum.
“Campaign promises to make the US ‘the cryptocurrency capital of the planet’ could be seen as political positioning,” Lucas Schweiger, Digital Asset Research Manager at banking group Sygnum, told Decrypt.
“But the Crypto Advisory Council proposal, along with rumors that Trump met with several crypto industry heavyweights, such as Coinbase CEO Brian Armstrong, sends a signal that the new administration will pay more serious attention to the market. of cryptocurrencies and will seek to understand their potential opportunities for the US economy,” he added.
The Cryptocurrency Advisory Council is a proposed initiative, likely comprising industry leaders, policymakers and experts, designed to advise the government on cryptocurrency-related issues. If the initiative comes to fruition, its purpose will be to guide the administration in understanding the cryptocurrency market opportunities, challenges, and potential benefits to the U.S. economy while encouraging informed policy decisions.
Specific proposals, including changes to tax policy for Bitcoin miners and profits on certain tokens, must win approval from both Congress and the Senate, currently controlled by Republican majorities.
The appointment of former PayPal COO David Sacks as Trump’s “White House AI and Cryptocurrency Czar” earlier this month, as well as several major firms vying for seats on the advisory board, point to “growing momentum,” Schweiger added.
This week, Federal Reserve members will meet for the last Federal Open Market Committee of the year, where they are expected to cut rates by another 25 basis points to between 4.25 and 4.50, according to the FedWatch Tool. CME.
Interest rate cuts have continued to prove a benefit for risk assets, including cryptocurrencies, this year as borrowing becomes cheaper and encourages investment.
Sentiment for continued higher prices next year also benefits other altcoins and memecoins, which have surged following Trump’s victory on November 5.
SUI and Polkadot (DOT) are the best-performing altcoins on the day among the top 20 cryptocurrencies by market capitalization, rising 7% and 5.8%, respectively.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
Disclaimer: Please note that the information provided on this page is for News purposes only and should not be considered investment or trading advice. ©Crypto.keynoteusa.com strongly recommends that you conduct independent research and/or consult with a qualified professional before making any investment decisions.
