Bitcoin Continues to Soar: What’s Fueling This Latest Rally?

Ozge Saruthan Gedik
By Ozge Saruthan Gedik Add a Comment

As Bitcoin (BTC) flirts with a record high, nearing $90,000, the market buzz centers around the “Trump Trade.” Reports suggest that Donald Trump, now president-elect, is strongly considering Scott Bessent for the role of U.S. Treasury Secretary. Known for his crypto-friendly stance, Bessent could be a game-changer for Bitcoin, pushing prices toward $100,000 or even beyond.

Bitcoin Continues to Soar: What's Fueling This Latest Rally? = The Bit Journal

Trump’s Treasury Pick: Bessent Takes the Spotlight

Scott Bessent, founder of the Key Square Group hedge fund, appears to be the frontrunner for the U.S. Treasury Secretary role under Trump’s administration. According to data from Polymarket, Bessent’s odds of being selected have climbed to 87%. With his background as a major fundraiser for Trump’s campaigns, Bessent’s appointment could spark an even greater BTC rally. His affinity for crypto might signal a future government supportive of digital assets, driving optimism among Bitcoin investors.

Bessent’s nomination has massive implications for the crypto market. Other potential Treasury candidates include John Paulson, Robert Lighthizer, and Howard Lutnick. However, recent rejections by former Treasury Secretary Steven Mnuchin and JPMorgan’s CEO Jamie Dimon have elevated Bessent’s chances. Bitcoin, currently hovering around $89,464, has surged more than 30% since Trump’s victory, and if Bessent assumes the Treasury role, BTC may swiftly reach $100,000.

Bitcoin Continues to Soar: What's Fueling This Latest Rally? = The Bit Journal

Bitcoin-Friendly and Altcoin-Supportive: Bessent’s Crypto Stance

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Scott Bessent is notably supportive of Bitcoin and the broader crypto ecosystem. His recent comments reflect a belief in crypto’s future in the U.S., stating, “With Bitcoin, we’re bringing in a new generation to the market who previously hadn’t participated. Building a market culture that people believe works for them is at the heart of capitalism in America.”

VanEck’s Head of Crypto Research, Matthew Sigel, has voiced similar sentiments, calling Bessent a “revolutionary choice as Treasury Secretary, independent of fiat loyalty.” BTC’s surge in value in the past 24 hours alone, up by over 10%, is a testament to the high interest among investors. Trading volumes have spiked by 77%, reflecting intense market enthusiasm as Bitcoin trades between $80,818 and $89,859.

Record High BTC Futures: Market Momentum Continues

The latest Coinglass data reveals a consistent rise in BTC futures open interest (OI), reaching new record highs. Within the last 24 hours, open positions in BTC futures climbed 11%, amounting to 607.56K BTC valued at $54.50 billion. Analysts see this as a positive signal supporting Bitcoin’s upward trend, suggesting a sustained interest from traders betting on future gains.Bitcoin Continues to Soar: What's Fueling This Latest Rally? = The Bit Journal

The crypto landscape continues to evolve rapidly, with Bitcoin’s story far from complete. With Bessent poised for a significant role, the market awaits further developments. Whether BTC hits new highs or faces hurdles, The Bit Journal will keep you updated on every major move.

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Disclaimer

The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.

You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.

Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.

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Özge is a skilled and passionate content writer with a focus on finance and politics. She is highly knowledgeable in these subjects and able to explain complex concepts in an easy-to-understand manner.In her free time, Özge enjoys reading about the latest developments in the world of finance and politics. She also enjoys hiking and traveling to new places. With her strong writing skills and keen interest in these subjects, Özge is able to produce high-quality content that engages and informs readers.In addition to her writing skills, Özge is a highly organized and detail-oriented individual. She is able to manage multiple projects at once and meet tight deadlines without sacrificing the quality of her work. Özge's ability to research and analyze information makes her an asset to any team looking to produce well-informed and accurate content.
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