Bitcoin surged to $95,000 for the first time in history, spurred by reports of an emerging cryptocurrency-focused role within the incoming Donald Trump administration, Benzinga reports.
This new development is seen as pivotal in shaping the future of crypto regulation, with expectations of a bridge between the White House, Congress, and regulatory bodies such as the SEC and CFTC.
At the time of writing, Bitcoin (BTC) was trading at $94,794.86, marking a 4% increase over the last 24 hours. Ethereum (ETH) saw a slight decrease, down by 0.98% to $3,083.96, while Dogecoin (DOGE) fell 0.87% to $0.3845. Despite the lack of movement in these two altcoins, Bitcoin has been the standout performer in the crypto market, with its dominance now standing at 60% and a remarkable 33% gain for November so far. Bitcoin’s weekly gains also surged close to 5%.
The sharp upward movement in Bitcoin followed news that a dedicated cryptocurrency position within the Trump administration would help foster stronger collaboration between key institutions and crypto industry leaders. The market responded enthusiastically, though it was also marked by significant volatility. Nearly $350 million in leveraged positions were liquidated in the past 24 hours, with most of the liquidations favoring long positions. This heightened activity in Bitcoin’s derivatives market, indicated by a 6.52% increase in Bitcoin’s Open Interest, suggests growing speculative interest among traders.
Market sentiment remains robust, with the Cryptocurrency Fear and Greed Index in the “Extreme Greed” zone, a sign that investor optimism is high. Notable gains were seen in other cryptocurrencies as well, with Floki (FLOKI), UNUS SED LEO (LEO), and Tezos (XTZ) registering significant increases in value over the past 24 hours.
Global cryptocurrency market capitalization reached $3.12 trillion, reflecting a 1.32% increase. Meanwhile, traditional stock markets showed mixed results. The S&P 500 finished flat, while the Nasdaq Composite slid slightly, and the Dow Jones Industrial Average posted a modest gain.
Looking ahead, analyst Ali Martinez drew parallels between Bitcoin’s current performance and its trajectory in December 2020. According to Martinez, Bitcoin could rise to $108,000, dip to $99,000, and then surge to $135,000, a forecast that has caught the attention of many in the market. Another prominent analyst, Rekt Capital, remarked that Bitcoin’s recent dips may be part of a “post-breakout retest,” suggesting that Bitcoin may be in a consolidation phase before continuing its upward trend.
