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Bitcoin Rally Cools After 30% Surge Post-Trump Victory
The recent Bitcoin rally, which saw the cryptocurrency jump by approximately 30% following President-elect Donald Trump's victory, has started to cool off. Bitcoin reached a record high of $89,968 on Tuesday but has since stabilized around $87,900 as of Wednesday morning in London.
Trump's unexpected support for cryptocurrencies has been a significant factor in this surge. He has pledged to create a friendly regulatory framework for crypto, establish a strategic Bitcoin stockpile, and position the U.S. as a global hub for the industry. This shift in stance has spread optimism across the crypto market, leading to the recent price spike.
However, analysts caution that while further gains are possible, much of the positive news is already priced in. The market is now awaiting upcoming U.S. inflation data, which could influence the Federal Reserve's decisions on interest rates and impact Bitcoin's trajectory.
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