The price of bitcoin reached a record high on Friday, November 22nd, and it is expected to reach the $100,000 barrier at some point next week. Crypto analysts and experts agree that Bitcoin prices have reached record highs due to expectations that President-elect Donald Trump will introduce crypto-friendly policies and regulations.
Since Trump was elected on November 5th, Bitcoin prices rose by 45 percent. To be fair, however, Bitcoin has had a remarkable year, as its price has doubled. Experts have also pointed out that the election of pro-crypto lawmakers to Congress has also helped in the increase of prices.
It is also worth noting that despite Bitcoin’s prices skyrocketing, its price went down slightly on Friday, going from $99,800 to $99,383.
Bitcoin’s price momentum is not expected to drop
Despite this slight contraction in price, Bitcoin price surge momentum is not expected to drop. The cryptocurrency is on track to further its gains, as, in November, it recorded its best performance since February.
This record-setting price surge has led crypto experts and trade analysts to declare Bitcoin as one of the winning assets of the “Trump Trades.” These are a series of assets that investors think will be favored by Trump’s incoming policies and will therefore increase their trade value.
Indeed, throughout his campaign, President Trump embraced cryptocurrencies, going as far as promising to make the US the “Crypto Capital of the planet,” saying the country will stockpile Bitcoin.
There is another key point that industry analysts say is playing a crucial role in Bitcoin’s record-setting price surge. Some experts argue that Bitcoin is on the verge of being accepted by mainstream consumers, and this has helped the cryptocurrency’s price skyrocket and stabilize.
Crypto investors say deregulating the currency will raise its value
Many crypto investors are looking forward to the beginning of the second Trump administration, as there is a widespread belief that there will be deregulation for crypto in the country.
This belief is based on the fact that SEC Chair Gary Gensler announced this week he was stepping down in January when Trump’s second administration is due to begin.
On January 20, 2025 I will be stepping down as @SECGov Chair.
A thread 🧵⬇️
— Gary Gensler (@GaryGensler) November 21, 2024
News of Gensler’s resignation has been received with open arms by investors, as under Gensler, the SEC sued some of Crypto’s biggest players. Under his administration, the SEC sued Coinbase, Kraken, and Binance, alleging that they failed to register with the SEC and therefore violated SEC trade rules.
The companies deny the allegations and are now fighting these in court.
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