Nov 20 2024: Bitcoin stabilized near $92,000 on Wednesday, following a record high of nearly $94,000 earlier this week. Optimism around the potential for crypto-friendly U.S. regulations under President-elect Donald Trump continues to support market sentiment.
The leading cryptocurrency rose 0.6% to $92,074.4 by 00:13 ET (05:13 GMT), though its recent momentum has slowed as markets await further clarity on Trump’s policy direction.
Bitcoin Gains Driven by Trump’s Victory and Institutional Interest
Bitcoin’s rally over the past two weeks was largely fueled by Trump’s election win and his promises of favorable regulations, which boosted hopes for increased institutional investment in crypto.
Additionally, MicroStrategy (NASDAQ), the largest corporate Bitcoin holder, purchased $4.6 billion worth of Bitcoin last week. CEO Michael Saylor announced plans for continued acquisitions, financed by additional debt issuance, further bolstering market sentiment.
Altcoins Retreat Amid Geopolitical Risks
While Bitcoin held steady, major altcoins faced declines as risk appetite waned due to rising tensions between Russia and Ukraine, with Moscow lowering its threshold for nuclear retaliation.
- Ether (ETH): Fell 0.8% to $3,110.35.
- SOL, XRP, and MATIC: Dropped between 0.7% and 2%.
- ADA: Rose 5% but on low trading volumes.
Meme Tokens and Dogecoin’s Social Media Buzz
Dogecoin slipped 0.4% but remained near a three-year high achieved earlier this month. The meme token gained attention after Trump established the Department of Government Efficiency, headed by Elon Musk and Vivek Ramaswamy, which sparked increased social media chatter around Dogecoin.
The broader crypto market is now eyeing key earnings results, including those of NVIDIA Corporation (NASDAQ), due later on Wednesday, for further direction.
