Bitcoin hits $79,000, but analysts advise caution
Bitcoin updated its record
The price of Bitcoin has reached an all-time high of $79,000, driven by Donald Trump’s election as the new President of the United States.
While the market is riding a strong bullish trend, many analysts urge caution. Bitcoin analyst Tuur Demeester, for instance, advises investors to hold their assets without rushing into decisions.
“There’s no need for impulsive actions; hodling will do the work for you,” he tweeted.
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How Trump’s Victory Affects Bitcoin’s Price
Trump’s election win is positively impacting Bitcoin’s price due to his open support for cryptocurrencies and his strategic plan for advancing digital assets. Unlike his predecessors, Trump has expressed clear support for Bitcoin’s role in the future of finance, with one of his key promises involving adding Bitcoin to the U.S. government’s reserves.
Moreover, Trump pledged to dismiss SEC Chairman Gary Gensler, known for his strict stance on cryptocurrencies, and aims to foster a more supportive environment for the crypto industry in the U.S. Among other promises, Trump has committed to banning the issuance of a central bank digital currency (CBDC) and positioning the U.S. as the global leader in crypto innovation.
This week, Bitcoin surged to new all-time highs, sparking concerns over potential overvaluation despite strong institutional interest.
