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itcoin, the world’s largest cryptocurrency, surged more than 10% in value yesterday, reaching a new all-time high just shy of $90,000, according to the latest Bitcoin trading data.
The cryptocurrency rally was largely fuelled by the so-called “Trump Trade,” a market trend driven by expectations that former President Donald Trump and the Republican-controlled Congress would be more favourable toward cryptocurrencies and light regulation. Bitcoin trading has remained active this morning, with the Bitcoin chart showing the price hovering near its recent peak just below $90,000. If Bitcoin’s price manages to stabilise above $90,000, there’s potential for a sharp rally toward the psychological $100,000 mark, where profit-taking could likely occur. Traders following trends and momentum are likely to favour long positions in Bitcoin.
The same political shifts that boosted Bitcoin also propelled US stock markets to new record highs, with major indices like the NASDAQ 100 and S&P 500 hitting fresh peaks yesterday. Bitcoin trading has been particularly strong in this environment, mirroring the upward momentum seen in US equities. Forex news from the stock and cryptocurrency markets suggests traders remain bullish on both Bitcoin and stocks.
In the forex market, the US Dollar has been the strongest major currency since the Tokyo open, while the Australian Dollar has been the weakest, drawing attention to the AUD/USD pair. The EUR/USD, GBP/USD, and USD/CHF currency pairs are trading at multi-month highs against the US Dollar, and the USD/CAD pair is not far behind.
Later today, economic data will be released, including the UK’s Claimant Count Change (Unemployment Claims) and Australia’s Unemployment Rate.
Additionally, public holidays in the US, Canada, and France will affect market activity today, impacting both Bitcoin trading and broader forex news.
