‘Trump time’ for Bitcoin: How Donald Trump is sparking a crypto surge

With Donald Trump’s return to power, the crypto world is buzzing with optimism and the possibility of Bitcoin reaching the $100,000 mark may come true. His pro-crypto stance, including the promise to make the US ‘the crypto capital of the planet,’ has sparked a surge in digital assets.
Bitcoin hit a new high of $89,982 recently, drawing attention as its price continued to climb, alongside gains in other cryptocurrencies like Dogecoin and Shiba Inu.
On Wednesday, Bitcoin edged up to $89,683, just shy of its new record of $89,982, reflecting market excitement around Trump’s support for digital assets. This uptick was widely expected by investors, who saw his pro-crypto campaign promises as a potential boost for the sector. In addition to Bitcoin, altcoins including Dogecoin, Cardano, Ether, and Shiba Inu have shown significant gains, with some rising as much as 150% in the last week.
The anticipation among crypto advocates has been fuelled by Trump’s pledge to adopt a more crypto-friendly regulatory environment, boosting confidence in Bitcoin’s path to $100,000. According to reports, between 30% to 40% of Americans own cryptocurrency, suggesting a potential for wider acceptance if favourable policies are enacted.
Several industry experts believe Bitcoin’s growth could accelerate under a more supportive US administration.
Vishal Sacheendran, Head of Regional Markets at Binance, said, “Bitcoin is now expected to reach $90,000, largely due to the optimism around Trump’s re-election. This marks a turning point for the crypto and Web3 space. A supportive regulatory framework could boost institutional and retail investment, making the sector safer and more attractive to a larger audience. However, it’s essential for investors to remain cautious and avoid making decisions solely based on market trends or excitement.”
Raj Karkara, COO of ZebPay, echoed these sentiments, stating that Bitcoin’s surge “underscores the growing confidence in digital assets.” With Bitcoin holding a market dominance of around 58.25%, he noted, “ZebPay has seen a 55% increase in trading volume over the past 24 hours. This momentum shows Bitcoin’s strength in the market and its broad appeal among investors.”
Release of the US Consumer Price Index (CPI) data could further influence Bitcoin’s trajectory. Avinash Shekhar, Co-founder and CEO of Pi42, highlighted this point, and said, “If the data shows inflation is falling, it could fuel Bitcoin’s journey towards $100,000 sooner, possibly by March or April next year.”
Shekhar added that Bitcoin’s recent breakout from a “Cup and Handle” pattern suggests it could move to new highs if it breaks and holds the $88-89,000 level.
Institutional demand and macroeconomic conditions are also contributing to Bitcoin’s momentum.
Shahzad Nathani, Head of Operations and Partnerships at Shardeum, pointed to the recent approval of spot Bitcoin ETFs in the US and the expected 2024 Bitcoin halving event as significant drivers.
“The success of spot Bitcoin ETFs and the upcoming halving have created a strong supply-demand narrative for Bitcoin,” Nathani explained, adding that institutional adoption is gaining traction in regions with clearer regulations, which may further fuel Bitcoin’s rise.
However, Nathani cautioned that reaching $100,000 will depend on several factors, including global economic trends, regulatory developments, and investor sentiment.
“While Bitcoin’s fundamentals are strong, investors should remain mindful of market fluctuations and regulatory challenges. The path to $100,000 may not be straightforward but looks increasingly achievable,” he said.