4 min readBitcoin rose on Thursday and remained close to its record highs reached earlier in the week, fueled by expectations of a crypto-friendly environment under Donald Trump and Red Sweep.
Bitcoin has risen over 3.8% at the time of writing and trades just below its record high of 93,226, which was hit on Wednesday. The upbeat mood is seen across the crypto market even as the US dollar trades at a one-year high amid signs of sticky inflation.
U.S. consumer inflation rose to 2.6% YoY, up from 2.4%, and core inflation held steady at 3.3%. The data was in line with expectations, and the market is still pricing in a 25-basis-point rate cut in December, keeping risk assets supported.
However, the US dollar has risen to its highest level since October 2023, fueled by expectations that Trump’s policies could prevent the Federal Reserve from cutting interest rates as quickly as initially expected over the coming year.
Republican red sweep fuels more crypto gains.
Despite the strong dollar, Bitcoin has changed booted by the optimism of deregulation in the sector when Trump and Donald Trump take power. News emerged overnight that the Republicans have also won the House, as well as the Senate, making for a Red Sweep and a stronger platform from which Trump can quickly and effectively push his agenda through. This optimism surrounding regulation comes at a time when institutional involvement in the crypto market is soaring and as BTC enters the next stage in its 4-year cycle.
Bitcoin’s market cap flips Saudi Aramco.
Bitcoin’s gains have helped the largest cryptocurrency record a market cap of 1.805 trillion for the first time, making it the 7th largest asset in the world, according to CoinMaraketCap data. Bitcoin flipped silver on November 12th and has now overtaken Saudi Aramco, the world’s largest oil producer.
Meanwhile, the entire crypto market cap is at $3.02 trillion, making it the eighth largest in GDP terms behind the US, China, Germany, Japan, India, the United Kingdom, and France.
PNUT rises over 1000% in a week
Peanut the Squirrel, $PNUT, is a newly launched meme coin on the Solana Blockchain. Within 48 hours of listing, its market cap surged to $1 billion. $PNUT has been one of the top performers, gaining over 1000% in the past seven days and 280% on Wednesday alone.
Author
Risk Disclaimer
