tl;dr
The "Trump trade" dominated discussions as Bitcoin surged to a new high, driven by speculation of a potential Republican resurgence. Bitcoin saw a 9% gain, closing above $75,560, amid expectations of a Trump victory. The U.S. Federal Reserve's decision on its funds rate is anticipated, with contrast...
Bitcoin surged to a new high, closing above $75,560, amid expectations of a Trump victory. Speculation of a potential Republican resurgence drove a 9% gain, with the market anticipating a positive response to a rate cut by the U.S. Federal Reserve.
The "Trump trade" dominated discussions as Bitcoin hit a new all-time high, buoyed by early signs of a potential Republican return to the White House. The market began pricing in a likely win for former President Donald Trump on Election Day, with crypto prices surging and Bitcoin clinching a 9% gain to close out above $75,560.
Some believe Trump's policies could bring macro uncertainty, while others see potential for lower interest rates to fuel Bitcoin's rise. A rate cut is expected to drive demand for riskier assets like Bitcoin, potentially leading to a six-figure price by year-end.
While some experts believe the decision by the U.S. Federal Reserve to cut or hold its funds rate is unlikely to bolster prices, there are contrasting views. Lower interest rates are expected to boost demand and valuations for stocks and crypto as investors seek better growth opportunities in a low-rate environment. The market is already re-risking into Bitcoin, and a rate cut is anticipated to accelerate that move.