Crypto Markets Thrive Post U.S. Election, Says Citi
Crypto/Finance

Crypto Markets Thrive Post U.S. Election, Says Citi

The ascent of Bitcoin above $100,000 is attributed to a favorable political climate and regulatory changes, according to a recent Citi report.

Key Insights:

  • The crypto markets have seen an upswing following Donald Trump’s election win in the U.S.
  • Citi highlights that the nomination of Paul Atkins as SEC chair was crucial in driving Bitcoin past the $100,000 mark.
  • It is anticipated that further relaxed regulations will benefit other digital assets as well.

Bitcoin (BTC) achieved a record high topping $100,000 recently due to multiple supportive factors, as reported by Citi on Thursday. Analysts led by Alex Saunders noted, "The nomination of digital asset-friendly Paul Atkins to chair the SEC provided the final boost."

At publication time, Bitcoin was trading around $98,500. The cryptocurrency continues to benefit from ETF inflows and increasing adoption.

Citi mentions a favorable macro environment where lower financial restrictions and strong economic growth are advantageous for cryptocurrencies.

Other digital assets are projected to gain more from a friendlier regulatory landscape, although Bitcoin has already secured classification as a commodity and has existing spot and futures ETFs, suggesting limited upside compared to other tokens.

Read more: Bitcoin Crashed Below $94K in Sudden Plunge From Record Perch Around $100K

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