Bitcoin (BTC) is back above $90,000 following its biggest correction ever since Republican candidate Donald Trump won the United States presidential elections.
Market data shows that Bitcoin is trading at $92,000 after seeing its price increase by 1.85% over the last 24 hours to the time of writing. Bitcoin is also 9.4% up over the last seven days — but still short of its all-time high of $93,200 reported earlier this week.
Market data
Most analysts believe that the ongoing bull run in the Bitcoin — and broader crypto — market is caused by the victory of Republican candidate Trump in the United States presidential elections. The president-elect is likely to place pro-cryptocurrency officials in the Securities and Exchange Commission (SEC), while also leading the nation in adopting crypto-friendly regulations.
United States crypto policy sentiment is apparently already seeing change. Recent reports indicate that Republican state attorney generals and a crypto advocacy group recently sued the SEC and its five commissioners. The suit asks for a federal judge to block the regulator from further enforcement actions, claiming that “the SEC’s ‘crypto policy’ is ‘unlawful executive action’” that violated the Administrative Procedures Act.
Trump had explicitly described himself as the “crypto candidate.” He also promised favorable regulation and proposed the creation of a U.S. Bitcoin reserve if elected.
Furthermore, Trump will be the first U.S. president involved with the crypto industry. Last month Trump announced the sale of World Liberty Financial (WLF), serving as the utility token to a decentralized finance (DeFi) platform. The project aims to create an instance of DeFi protocol Aave (AAVE) on the Ethereum (ETH) blockchain.
The recent updraft in crypto prices follows a Trump victory in the U.S. elections and comes as interest in the market is seeing a resurgence with the Crypto Fear & Greed Index, a multifactorial measure of crypto market sentiment, recently showing a score of 83, indicating that “extreme greed” has gripped the crypto market.
