Bitcoin has smashed through the $87,000 mark for the first time, setting a new all-time high as crypto traders rally behind hopes that Donald Trump’s return to the White House will bring a friendlier regulatory environment for digital currencies.
The world’s largest cryptocurrency briefly hit $87,198 on Monday before slightly dipping. Over the past year, Bitcoin’s value has more than doubled from around $37,000, fueled by increasing speculation about policy changes under Trump’s leadership.
Image Courtesy of The Guardian
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The Trump Effect on Crypto
While Trump previously labeled Bitcoin a “scam against the dollar,” his stance shifted during the presidential campaign. He openly courted the crypto community, attended blockchain events, and hinted at deregulation policies—though he’s yet to reveal concrete plans. These moves have sparked optimism about relaxed rules for investing in Bitcoin and other digital assets.
Dan Ives, a tech analyst at Wedbush Securities, described Trump’s win as a “gamechanger,” not just for crypto but also for companies like Tesla, which could benefit from deregulation in AI and autonomous vehicle tech. Tesla’s share price surged nearly 9% after the election, with Elon Musk’s wealth increasing by $26.5 billion.
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Musk, a vocal Trump supporter and crypto advocate, has also played a significant role in the broader “Trump pump” effect, boosting meme coins like Dogecoin alongside Bitcoin’s rise.
Global Ripple Effects
The Trump trade is reshaping financial markets worldwide. The US dollar strengthened by 0.6% on Monday, causing the euro to hit its lowest value since May, trading at under $1.06. The pound also dropped to below $1.29. In contrast, the share prices of cryptocurrency companies like Coinbase soared—up 40% since the election, with an additional 20% increase on Monday.
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In China, however, the mood is less upbeat. Hong Kong’s Hang Seng Index fell 1.5%, reflecting investor concerns over looming tariffs and underwhelming economic stimulus efforts. Analysts have criticised China’s recent debt swap program for failing to provide direct fiscal relief or address the struggling housing market.
The Road to $100K?
Bitcoin’s meteoric rise has sparked speculation that it could hit $100,000 in the coming days. Analysts are dubbing the surge a “Trump pump,” with Matt Simpson from City Index noting the correlation between Bitcoin’s price and Trump’s polling numbers. Bitcoin was trading below $70,000 on election day but has since gained nearly 20%.
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Adding to the momentum is Trump’s promise to fire SEC Chair Gary Gensler on day one of his presidency. Gensler has advocated stricter crypto regulations, and his potential departure could pave the way for a more crypto-friendly era.
With Bitcoin now at historic highs and other digital currencies like Ethereum and Dogecoin following suit, the crypto world is bracing for what could be its most transformative period yet.
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