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The largest cryptocurrency, Bitcoin (BTC) 
$110,739, surged to a remarkable $99,700 mid-week, driven by significant developments in the market. This volatility is attributed to two critical pieces of news: Donald Trump’s new presidential plans and inflation data in the United States.
Trump’s Stance on Cryptocurrencies Sparks Expectations
Donald Trump made striking statements regarding his upcoming presidency before being elected. He suggested that upon taking office, the U.S. Securities and Exchange Commission (SEC) would adopt a more favorable approach to cryptocurrencies.
Furthermore, he announced that regulations surrounding cryptocurrencies would become clearer and legal restrictions would ease. These declarations had a substantial positive effect on the cryptocurrency market following his electoral victory. Investors anticipate these changes will come to fruition, boosting confidence in the cryptocurrency sector.
Inflation Data Alleviates Short-term Headwinds
Recent inflation data from the U.S. indicated a slowdown in price increases. This directly transformed the previously negative outlook in the cryptocurrency market into a more optimistic one. The increasing likelihood that the Fed will lower interest rates more than expected throughout the year supports demand for cryptocurrencies. Last month’s Fed meeting resulted in stringent decisions that had led to a market downturn. However, with the latest inflation figures, investors hope for a more lenient stance from the Fed.
In addition to Bitcoin, altcoins also benefited from these favorable developments. Experts suggest that the current uptrend in the cryptocurrency market could continue, potentially leading to new record highs. The market is once again gaining momentum with Trump’s promises and expectations of economic recovery.
