30s Summary

Bitcoin reached a new high of $88,448, marking an 11% increase in the last 24 hours and aligning with broader market trends. Several cryptocurrencies, including Coinbase and MicroStrategy, saw gains between 20% and 30%. The positive trend is attributed to a shift from a suppressive to a friendly regulatory environment for cryptocurrencies. The election of Donald Trump and the expectation of a more welcoming approach towards digital assets has further fueled market positivity. Crypto-related equities such as Coinbase and MicroStrategy also hit new record prices.

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Bitcoin scored another high of $88,448 this Monday, growing 11% in the last 24 hours. That’s exactly what went down at the broader market CoinDesk 20 Index, with Ethereum and Solana lagging a little behind. Cryptos like Coinbase and MicroStrategy, not to mention several miners, enjoyed gains between 20% and 30%. The rise in the price of crypto is fair play considering the industry has moved quickly from a suppressive regulatory environment to an openly friendly one, according to the head of digital assets strategy at Fundstrat.

There’s a lot of positivity in the crypto world since Donald Trump’s election victory in the US. Investors expect a friendlier approach towards digital assets during Trump’s term, especially as the Republicans are likely to control both legislative houses. Bitcoin gained a notable 27% in a week, with many altcoins growing double or even triple that!

Crypto-related equities like Coinbase’s shares topped $320 for the first time since November of last year, closing the session almost 20% up and Bitcoin miners scored wins between 25%-30%. Also, MicroStrategy, the software company with the largest corporate bitcoin treasury, set a new all-time high price of $340, beating its 24-year old record from the dotcom bubble era. “Charts have every right to show step-function-like returns here,” says Sean Farrell, head of digital asset strategy at Fundstrat.