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Crypto Market Rallies on Trump’s Strategic Reserve Plan
Bitcoin surged to an all-time high above $106,000 on Monday after President-elect Donald Trump suggested that the United States would create a U.S. Bitcoin strategic reserve, like the country’s oil reserve. The news sent cryptocurrency enthusiasts into a frenzy. The cryptocurrency surged to an intraday high of $106,533 before stabilizing at $104,462, up 3.2% on the day.
(BTCUSD Daily Price Chart, Source: Trading View)
The next target of the market seems to be $110,000. A price pullback had been expected by many traders, but the development mentioned above killed such a prospect with the suddenness of increased optimism. Bitcoin, and cryptocurrency markets in general, had been pushed under the spotlight once investors began placing bets on the incoming administration of President Trump to continue opening an even more hospitable regulation environment that improves confidence in alternative assets. Bitcoin surged 192% year-to-date.
Adding to the momentum, MicroStrategy as the biggest corporate investor in Bitcoin, has seen its stock more than six-fold this year to push its market valuation close to $94 billion, making it the largest corporate holder of Bitcoin.
The market also seems set for the chief executive, Michael Saylor of MicroStrategy, to cash in on a rebound of the firm’s share price, more so with an expected addition to the NAS100 index. According to analysts, Saylor could sell such shares to release capital and continue with his buying spree, which in turn, adds to the upside bias for the cryptocurrency.
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