Bitcoin has seen a big jump in price after Donald Trump won the election. Many market watchers believe it could hit new highs in the coming months.
In just a week, Bitcoin’s price rose over 17%, reaching record levels above $85,000.
Analysts are setting bold price targets. Matt Hougan from Bitwise thinks Bitcoin could hit $500,000 by 2025. Arthur Hayes, co-founder of BitMEX, even predicts it might reach $1 million, thanks to the U.S. government’s habit of spending more than it earns.
Memecoins are also making waves. They surged by 127% in market value recently. Retail investors are jumping into coins like Dogecoin, Pepe, and Shiba Inu. The fact that platforms like Robinhood and Coinbase are listing more of these coins has only added fuel to the fire.
On the other hand, the decentralized finance (DeFi) sector isn’t riding the same wave. Ethereum saw a rise of over 9% last week, but at $3,115, it’s still far from its 2021 high of $4,878. The top 100 DeFi coins only saw a 6.3% increase, which is less than half of the overall crypto market’s 16% rise to $3.1 trillion.
Could we see some consolidation in the crypto space? As fintech companies and stronger ventures look for bargains, the crypto world hasn’t really experienced a major wave of mergers and acquisitions yet.
There’s hope that Trump will appoint regulators who are friendly to crypto, replacing figures like Gary Gensler. Gensler hinted he might step down from his role at the U.S. Securities and Exchange Commission soon. One name being mentioned is Dan Gallagher, a former SEC official, who may come in with a list of changes.
While Bitcoin’s rapid rise might have slowed down a bit at the end of the week—possibly due to profit-taking—the excitement in the market remains high. Investors are enjoying the current momentum and many are feeling quite euphoric.
In a surprising move, The Onion has acquired the controversial site Infowars, founded by Alex Jones. They’ll start accepting Bitcoin for subscriptions to their content.
And there’s a fascinating story about a trader who turned $17 into $3 million by trading a memecoin. It shows just how wild the crypto market can be.
Coinbase CEO Brian Armstrong suggested that the FBI raid on Polymarket’s CEO might have political motivations, but he later softened his comments pending more information.
While many in the crypto community are excited about what Trump’s presidency could mean for their investments, others are more cautious about the potential impacts of his regulatory choices.