As a seasoned researcher with over two decades of experience in financial markets, I have witnessed numerous market cycles and economic events that have shaped the global economy. The recent surge of Bitcoin to surpass its previous record of $75,000, coupled with Donald Trump’s victory as the 47th President of the United States, has caught my attention due to its potential implications on both traditional and digital markets.
On an extraordinary day, Bitcoin soared beyond its old high, reaching approximately $75,000, coinciding with anticipation surrounding Donald Trump’s presidency as he prepares to take office as the 47th U.S. president.
As a researcher immersed in the dynamic world of cryptocurrencies, I’ve observed an intriguing uptick in the Coinbase Premium Index – a development that could suggest a burgeoning appetite for Bitcoin within the United States market. This upward trend might be indicative of a forthcoming surge in demand for this digital currency.
Coinbase Premium Index Spikes
The “Coinbase Premium Index” measures the gap in Bitcoin prices between Coinbase, a well-known exchange favored by US users and institutional investors, and Binance, the world’s busiest trading platform. As per the latest report from CryptoQuant, this index showed a positive change during the early Asian trading hours on Wednesday, reaching 0.06 – its highest point since September 14.
The figure has since dropped to 0.04. Nevertheless, such a premium on Coinbase often points to solid buying pressure from US traders and institutional investors, supporting a potentially more sustainable Bitcoin rally.
According to a recent communication with investors, QCP Capital is optimistic that Bitcoin’s bullish trend will persist as we approach 2025, predicting continued growth for this digital asset.
Recently, the cryptocurrency market has been blazing hot, reaching new peaks as Bitcoin surged to an unprecedented high of $75,000 following its previous record set on March 14 at $73,500. Since then, Bitcoin’s price has generally hovered within a narrow band just below the $70,000 mark.
Significantly, Bitcoin has experienced three presidential elections since its creation in 2009, and each election was followed by a surge to new record prices. Interestingly, the price never dropped back to its pre-election level after these surges. We anticipate that this positive trend will continue as we approach 2025.
State of Traditional Market Post-Trump Victory
Beyond the surge of Bitcoin, Trump’s election win has also influenced conventional market trends. As reported by QCP Capital, the U.S. dollar experienced a rise of approximately 1.2%, reaching its peak since July at around 105. Concurrently, bond yields have increased as markets anticipate robust economic growth and higher government spending, which could potentially lead to inflation.
10-year Treasury rates rose by 0.15 percentage points, while 2-year yields climbed 0.08 percentage points, signaling growing investor confidence. Although Trump’s more accommodating economic policies could potentially decrease the need for interest rate reductions, the market forecasts a total of 1.8 cuts in 2021 and an additional three cuts in 2022.
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2024-11-07 01:59