Market Analysis by Richard Salmond covering: Bitcoin. Read Richard Salmond's Market Analysis on Investing.com
Following Donald Trump's victory in the U.S. presidential election on November 6, analysts anticipate that the Trump administration may attempt to reset and rethink cryptocurrency regulation policies. This primarily involves the stance of the U.S. Securities and Exchange Commission , which increased its oversight of the crypto market during Joe Biden’s presidency.
Over the past two years, SEC's Gary Gensler has filed lawsuits even against major U.S. crypto players, including exchanges like Coinbase in the U.S., Gensler maintained that his position on the crypto market hadn’t changed. In July, Trump spoke at the Bitcoin 2024 conference in Nashville, attended by over 20,000 participants, where he unambiguously promised to fire Gensler if he wins the election.
“A move toward $100,000 in the coming year looks quite realistic regardless of the election outcome. Key growth drivers will include factors like the halving event, Fed rate cuts, and increased institutional presence in the market rather than political circumstances,” said Pauline Shangett, CMO at digital asset exchange ChangeNOW. “The rate cut...will add a sense of optimism. Riding this wave, bitcoin could approach $80,000 in November and test $100,000 by the end of December.
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