Bitcoin (BTC), the world's largest cryptocurrency, has surged to new all-time highs above $82,000, riding a wave of optimism following Donald Trump's victory in the 2024 U.S. presidential election. The cryptocurrency market has been buoyed by expectations of a more favorable regulatory environment under the Trump administration.
The remarkable rally has been fueled by the prospect of potential changes at the Securities and Exchange Commission (SEC), which could ease the regulatory scrutiny currently faced by the crypto industry. Trump's victory, coupled with a larger representation of pro-crypto politicians in Congress, has raised hopes for more accommodating policies and regulations.
This surge in crypto prices has been accompanied by strong inflows into Bitcoin exchange-traded funds (ETFs) and crypto investment products. Last week, crypto investment products saw inflows of $1.98 billion, pushing global assets under management to a record high of $116 billion, according to CoinShares. Bitcoin ETFs trading in the U.S. led the inflows, attracting $1.8 billion.
The Crypto Fear and Greed Index, which measures market sentiment, has hit the "Extreme Greed" zone, indicating a bullish outlook in the market. Investors are anticipating that the potential change in leadership at the SEC could pave the way for further adoption and integration of digital currencies.
