#cryptonews
Bitcoin reached an all-time high (ATH) of $93,000 on Wednesday, marking a dramatic price surge driven by renewed investor confidence linked to President-elect Donald Trump.
Bitcoin’s ascent represents a 5.98% increase so far today after setting multiple ATHs throughout the week. Market analysts attribute this climb to the so-called “Trump trade,” with investors anticipating more favorable cryptocurrency regulations under a potential Trump administration.
The cryptocurrency market witnessed an unprecedented Bitcoin surge in the wake of Trump’s electoral victory. The BTC price appreciated by an impressive 32.3% so far this month and an astounding 122% since the start of the year.
The unprecedented price movement, largely attributed to the “Trump trade,” reflects investors’ belief that a Trump presidency would support a more accommodating regulatory environment for cryptocurrencies compared to the current administration.
The expectation of a pro-crypto SEC chair has greatly contributed to the recent Bitcoin price surge.
Trump’s public pronouncements on cryptocurrency, including his pledge to make the United States the “crypto capital of the planet” and his stated intent to replace Securities and Exchange Commission (SEC) Chair Gary Gensler, have further bolstered this sentiment.