Bitcoin's upward price trajectory has slowed, but the cryptocurrency hasn't lost much ground after setting a new all-time high yesterday above $76,000.
At the time of writing, the Bitcoin price has settled around $75,400—up 1.4% on the day, but about 1% shy of the high water mark it set yesterday afternoon, according to CoinGecko data. As of last night, traders had moved more than $128 billion worth of BTC in the previous 24-hour period.
To put that in perspective, there are only two other days when more Bitcoin has changed hands in a 24-hour period since 2013—as far back as price and volume data goes on CoinGecko.
On January 4, 2021, BTC saw its rally cut short by a $5,000 drop in price and triggered $178 billion worth of trading. Then, on May 20, 2021, when the so-called "Black Wednesday" flash crash sent Bitcoin plummeting as low as $30,415 and knocked $500 billion wiped off the global crypto market capitalization. That day, investors moved more than $141 billion worth of BTC.
Analysts have been quick to say that the post-election jubilation over Donald Trump's victory could be curtailed if the Republican doesn't follow through on his campaign promises, like creating a strategic Bitcoin reserve and forcing out SEC Chair Gary Gensler.
"Investors are watching closely, hoping that pro-crypto promises made during recent conferences will be fulfilled, supporting the current rally," wrote BRN analyst Valentin Fournier in a note shared with Decrypt. "Trump’s election presents a strong bullish case, with expectations that incoming rate cuts and global stimulus will further lift the economy and support Bitcoin’s performance."
All of Trump's Crypto Promises, From Boosting Bitcoin Mining to Firing Gensler
Former President Donald Trump has pitched big plans for crypto on the campaign trail, folding several promises into his reelection bid while trying to make inroads with digital asset owners. When it comes to the nascent industry, crypto isn’t listed among 20 core goals that make up the Republican Party’s official 2024 platform—and the topic didn't come up during his interview with Elon Musk in August. Still, in a draft document released in July, crypto was mentioned alongside artificial intellig...
From traders' perspective, the upcoming Federal Open Markets Committee meeting has a 99% chance of ending in another 25-50 point basis point cut, according to the CME FedWatch Tool.
While markets are salivating for a rally into next week, a U.S. Federal Reserve decision by the Open Market Committee to cut or hold its funds rate on Friday is unlikely to bolster prices, according to some.
“The decision will matter little,” FalconX’s Head of Research David Lawant told Decrypt. “But there's significant macro uncertainty as we enter 2025 under a Trump presidency.”
Editor's note: This story was updated after publication correct that $128 billion worth of Bitcoin had been traded during the 24-hour span, not $128 million.