Bitcoin prices surged close to $90,000 on Tuesday, reaching $89,599 as market sentiment turned highly optimistic following President-elect Donald Trump’s pro-crypto stance and his pledge to reshape the US cryptocurrency regulatory landscape.
The rally gained momentum as Trump announced plans to position the US as a leader in cryptocurrency. His agenda includes setting up a strategic Bitcoin reserve and offering incentives for domestic crypto mining, a move expected to reverse the cautious approach of the current administration.
Analysts believe that Bitcoin can reach new highs and that Mike Colonnese of H.C. Wainwright sees the Full Story possibility of breaching the six-digit level by year’s end. This increase in price drove the valuation of all cryptocurrencies to a new high of $3.1 trillion. Chris Weston, analyst at Pepperstone Group, says that traders are divided, with traders debating whether to continue chasing high returns or wait for price correction.
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Source: Moneycontrol
News Desk
