Bitcoin has reached a new high of $89,500, moving closer to the $90,000 milestone. This surge is attributed to speculation about potential pro-crypto regulatory changes in the United States. The cryptocurrency has seen an 8% rise in a day, following election results and news that Donald Trump might appoint crypto-friendly candidates to key regulatory roles.
Reports suggest that Trump is considering appointing pro-crypto figures like Mark Uyeda and Paul Atkins to replace current SEC Chairman Gary Gensler. This move is expected to reduce regulatory pressure on the industry. Edul Patel, CEO of Mudrex, pointed out that breaking the $89,500 resistance level was a significant achievement for Bitcoin, which has now stabilised at $88,300.
Patel stated, “Breaking another ATH, Bitcoin hit the $89,500 mark – a major resistance point,” highlighting that this rally has increased investor interest and trading volume across platforms.
The rally has also impacted BlackRock’s spot Bitcoin ETF, which reported a record trading volume of $4.5 billion. Such increased trading volume in ETFs is considered a sign of growing mainstream investor interest and confidence in the asset. Other cryptocurrencies, such as Ethereum and Solana, have also seen gains, contributing to the overall cryptocurrency market capitalisation, which now stands at $3.1 trillion.
The price movements are part of a broader upswing in the crypto market that began after the US election results and continues amid speculation about crypto-friendly regulatory appointments. Patel explained that “the rally boosted trading in BlackRock’s spot Bitcoin ETF,” and this confidence is extending to other cryptocurrencies, with Ethereum and Solana joining the rally.
With Bitcoin’s strong support levels and a positive regulatory outlook, market observers are closely watching the $90,000 mark. Although volatility remains high, investor sentiment is leaning positive as pro-crypto voices gain prominence in key regulatory discussions. If the proposed appointments are confirmed, analysts anticipate further gains for Bitcoin and a possibly stabilised regulatory environment in the US.
