Bubble risk remains
Bitcoin soaring: Trump must now deliver
After jumping above the USD 80,000 mark at the weekend, Bitcoin is continuing its record run. On the Bitstamp platform, the oldest and best-known cryptocurrency climbed to almost 81,900 dollars today. Since its annual low of 38,500 dollars in January, its value has more than doubled.
Bitcoin received a strong tailwind from Donald Trump's victory in the US presidential election the previous week. Since then, Bitcoin has risen by around 18%. Other cryptocurrencies such as Ether and Solana also remain in demand.
Trump was the favorite of the crypto community
Former and future US President Trump was the favorite of the majority of the crypto community during the election campaign. Trump had made negative comments about Bitcoin during his first presidency. Most recently, however, he actively courted the crypto community.
At a major Bitcoin conference in Nashville, Trump promised to leave the crypto market largely unregulated and to provide cheap electricity for calculating new Bitcoin coins ("mining").
The fact that cryptocurrencies have found such a place in the US election campaign underlines the importance the asset class has now achieved, said analyst Timo Emden from Emden Research. The sharp rise in the Bitcoin price over the weekend also shows that private investors are increasingly lending new momentum to the rally.
A momentum of its own has now developed on the market, which is giving the rally momentum day by day; the bull market is feeding the bull market, said Emden. Probably also because some investors are afraid of missing out on the rally.
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