The cryptocurrency industry is buzzing with excitement following Donald Trump’s reelection as president of the United States. Bitcoin, the world’s largest cryptocurrency, has reached new all-time highs, breaking through the $79,000 price level on Nov. 10.
Analysts and traders are optimistic about the future of Bitcoin and the broader crypto market. Tuur Demeester, a prominent analyst, stated that “no rash action is needed, HODLing does the work for you.” He added, “$79k Bitcoin, new ATH. Steady folks, this is just the beginning.
This is a time for being right and sitting tight.”
The surge in Bitcoin’s price has been attributed to several factors, including the expectation of more favorable regulations under the new Trump administration.
Bitcoin surge fuels crypto optimism
Patrick Moley, an analyst at Piper Sandler, wrote in a note on Thursday, “Early in the election cycle, President-elect Trump came out in support of crypto and was viewed as the most crypto-friendly candidate in the race.
Since then, we’ve seen a broader bipartisan, pro-crypto shift in D.C. with over 200 pro-crypto candidates elected on Tuesday.”
Moley highlighted several stocks that he believes offer investors exposure to the crypto industry, including Robinhood, CME Group, Virtu Financial, and Cboe Global Markets. He noted that Robinhood, in particular, is “the most attractive way to play the crypto space” within his coverage universe. The optimism in the crypto industry extends beyond the United States.
Binance CEO, often referred to as the “Binance boss,” has declared this period a ‘golden age’ for digital currencies. The election outcome appears to have invigorated the cryptocurrency industry, sparking renewed enthusiasm and investment. As the world watches the U.S. transition into the new presidential term, industries across the board are adjusting their strategies and expectations.
The cryptocurrency sector, particularly, is anticipating significant developments influenced by the political landscape.
