Bitcoin Hits $87,000, Crypto Market Cap Nears $3 Trillion
Bitcoin price has hit $87,000 Tuesday in a one of the biggest rally in the past weeks as Donald Trump win as U.S President boosted investors sentiment.
Trump is seen as much more supportive of bitcoin, and this sentiment has propel strong buying interest this week with market blazing above resistance. During the campaign, Trump pledged to make the U.S “the bitcoin and cryptocurrency capital of the world” with an extremely relaxed regulatory framework, unlike the Biden administration.
The global crypto market cap reached $2.91 trillion, which is a 4.44% increase over the last day, according to data from CoinMarketCap.com. The total crypto market volume over the last 24 hours has increased by 48.09% to settle at $354.8 billion.
Also, the total volume in DeFi is currently $17.55 billion, according to CoinMarketCap.com, which is 4.95% of the total crypto market 24-hour volume. The volume of all stable coins is now $323.41 billion, which is 91.15% of the total crypto market 24-hour volume.
The crypto industry spent about $135 million to support candidates during the 2024 election cycle, Bloomberg reported Friday, with the funding going to both Democrats and Republicans, like Trump.
During his presidential campaign, Trump made several promises seen as supportive to the cryptocurrency industry and bitcoin in particular, including a pitch was for a national bitcoin reserve. The incoming leader has started making appointments to his administration, naming a campaign co-chair as chief of staff last week.
Leading off this week’s economic schedule are speeches by multiple Federal Reserve officials on Tuesday and Wednesday, following Monday’s Veterans Day holiday that has federal offices and US bond markets closed.
Wednesday’s data releases include the consumer price index, with investors watching for a change from September’s 0.2% increase, and the 0.3% advance in the core measure. Producer prices are due out Thursday while retail sales are released on Friday. Liquidity: Banks Drive Yield Surge with T-Bills Selloffs
