Coinbase Premium Index Soars as Trump’s 2024 Victory Fuels Market Surge

Share This Post

Coinbase Ventures

The post Coinbase Premium Index Soars as Trump’s 2024 Victory Fuels Market Surge appeared first on Coinpedia Fintech News

The victory of Republican candidate Donald Trump over Democratic candidate Kamala Harris in the 2024 US election has been confirmed. Since November 5, the Bitcoin market has grown by at least 10.61%. Yesterday, the market broke above the crucial $73,000 level, setting a new all-time high. The big question now is: could this be the beginning of a new bullish rally? Let’s examine! Ready? 

Bitcoin’s Rapid Rise Following Trump’s Win 

On election day, the Bitcoin market opened for $67,925.99. By the end of that day, it reached $69,334.42, marking a 2.07% growth. Yesterday, the market climbed further to set a new all-time high of $75,555. Although the price has come down slightly today, it remains comfortably above the range of $75,000. In the last 30 days, the BTC market has recorded a notable surge of 19.9%. 

Strong Demand from US Investors Boosts Bitcoin’s Momentum 

The Coinbase Bitcoin Premium Index chart shows that demand for Bitcoin among US investors has seen a sharp rise since the election result. The index stood at -0.1068% on November 5, at 02:30. By November 6 at 07:30, the index crossed above the zero line for the first time since October 31. Now, the index stands at 0.0615%. 

Federal Reserve’s Rate Decision Adds to Market Excitement 

The US Federal Reserve is expected to bring down its interest rates further this month. Earlier, when it introduced the first rate cut, it indicated the possibility of another cut in November. 

Experts believe that the proposed Fed rate cut is another reason for the recent surge in the price of Bitcoin and other top cryptos. 

Potential for Further Rally if Bitcoin Holds Above Key Levels 

Experts claim that if the Bitcoin market holds above the $70,000 level, it could lead to an extended rally. However, they warn that in the coming days the market might witness serious volatility. 

In conclusion, Trump’s win has breathed new life into the cryptocurrency market, especially into the BTC market, but it is still early to see how sustained this rally will be. 

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

FOMC Preview: What The Crypto Market Can Expect From The Fed

As the Federal Open Market Committee (FOMC) meets today, the crypto market’s focus is on the Federal Reserve’s forthcoming announcements Scheduled for 2:00 PM ET are both the Fed Interest

JP Morgan Analysts See A Strong Future For Gold And Bitcoin Under Trump

The post JP Morgan Analysts See A Strong Future For Gold And Bitcoin Under Trump appeared first on Coinpedia Fintech News With Donald Trump now elected as the next US president, market sentiments

Best Performing CoinMarketCap Altcoins In November: Dogwifhat (WIF), DTX Exchange (DTX) and PEPE 

The post Best Performing CoinMarketCap Altcoins In November: Dogwifhat (WIF), DTX Exchange (DTX) and PEPE  appeared first on Coinpedia Fintech News As the US elections stir up market volatility,

XRP News Today: 470M XRP Whale Transfer Boosts Market – Can $0.65 Be Reached?

The post XRP News Today: 470M XRP Whale Transfer Boosts Market – Can $065 Be Reached appeared first on Coinpedia Fintech News With Trump’s win, XRP is back on a bullish track, and massive

Iranian Rial Plummets to Record Low Following Donald Trump’s Presidential Victory

Iran’s currency, the rial, plummeted to an all-time low on Wednesday, trading at 703,000 rials to the dollar, following Donald Trump’s victory in the US presidential election This significant

Bull Run Begins: Ready for New Opportunities?

The post Bull Run Begins: Ready for New Opportunities appeared first on Coinpedia Fintech News To celebrate its 6th birthday, WhiteBIT Crypto Exchange has presented a new Telegram app called Bull Run