THE BITCOIN BONANZA
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- THE BITCOIN BONANZA
The return of Donald Trump after the 2024 US election has reignited the debate about the future of cryptocurrency. Trump’s selection of Tech giant Elon Musk to head one of his departments is also a positive factor regarding this. The market has coined the ‘Trump Bump ‘trend since the election, whereas equities and bitcoin gained momentum. Since Trump's re-election, Bitcoin has surged to an all-time high of over $93,000.
The rally is largely attributed to expectations that Trump’s upcoming administration will take a more “crypto-friendly” approach, offering regulatory support for the industry, especially in the United States. Other cryptocurrencies and crypto related investments also rallied in the wake of Trump’s election win.