Bitcoin Breaks Record High, Surpassing $76,000 Around 5:55 AM
Regulation Easing and Liquidity Expansion Expected with Trump’s Election
“Golden Era Begins, Major Policy Changes Expected After New Administration Takes Office”, ‘[Edaily Reporter Kim Ga-eun] As former President Donald Trump re-entered the White House after four years, Bitcoin, the leading cryptocurrency, also hit a new record high. At around 5:55 AM on the 7th, Bitcoin momentarily surpassed the $76,000 mark for the first time in history. The market anticipates even greater upward momentum in the future.’,
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, ‘According to cryptocurrency market reporting site CoinMarketCap, as of 9:30 AM, Bitcoin was priced at $75,242, up 6.99% from 24 hours earlier. At the same time, Ethereum, which is regarded as the representative of altcoins (cryptocurrencies other than Bitcoin), was trading at $2,704, up 8.6% from the previous day, and Ripple rose 4.2% to $0.54. On the Upbit exchange, Bitcoin was priced at 100,333,000 won, Ethereum at 3,713,000 won, and Ripple at 741.2 won.’,
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, ‘Bitcoin set a new all-time high following the news of Trump’s victory in the U.S. 47th presidential election. Throughout his campaign, Trump consistently emphasized a ‘pro-crypto’ stance. Experts particularly foresee positive phenomena such as financial regulation easing, improved credibility in cryptocurrencies, increased liquidity due to the issuance of U.S. Treasury bonds, and revitalization of stablecoins.’,
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, ‘Yoon Chang-bae, an analyst at Upbit Investor Protection Center, stated in a report the previous day, “If a financial deregulation trend appears, traditional financial institutions’ exposure to cryptocurrencies and entry into new crypto businesses will expand, strengthening the organic linkage between traditional finance and the crypto market.” He added, “The ongoing sell-off by countries holding bonds, such as China, coupled with recent interest rate cuts is favorable to see increased U.S. Treasury holdings by stablecoins.” He further explained, “For these reasons, Trump seems to oppose central bank digital currencies (CBDCs) which could be in competition with stablecoins, suggesting the liquidity of the stablecoin-based market might become even richer.”‘,
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, ‘Matt Hogan, Chief Investment Officer (CIO) of Bitwise, predicted the start of a cryptocurrency golden era with Trump’s electoral victory. He remarked, “There will be groundbreaking changes expected in cryptocurrency regulations and market dynamics. With the new administration taking office, major policy changes are anticipated within 100 days,” and continued, “So far, the U.S. crypto industry has been shackled by SEC enforcement actions and regulatory uncertainties. The bull market for cryptocurrencies has already begun and is expected to continue for years.”‘,
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