Bitcoin, the world’s largest cryptocurrency, fell 9% on Thursday, but analysts believe pro-crypto policies under a potential Donald Trump administration could drive prices higher.
“We’re currently in an ecosystem with the most bullish government ever, supporting the tokenization of assets, decentralized ecosystems, and the adoption of Bitcoin on government balance sheets,” said MN Capital founder Michaël van de Poppe. “It’s a perfect storm for a bull market we’ve never seen before.”
Brandon Mintz, CEO of Bitcoin Depot, echoed this sentiment, telling TheStreet Crypto that the Trump administration is signaling a serious commitment to crypto.
Despite the recent dip, Bitcoin remains strong, trading at $96,463. Some analysts at Standard Chartered predict Bitcoin could soar to $500,000 if Trump wins the presidency. Jeff Park, Head of Alpha Strategies at Bitwise Asset Management, suggests the price could even reach $1 million if the U.S. creates a Bitcoin strategic reserve—though he estimates the likelihood of that scenario at less than 10%.
Ether Faces Market Pullback
Meanwhile, Ether, the world’s second-largest cryptocurrency, has fallen to approximately $2,686. A new report from Gemini and Glassnode indicates that Ether is losing traction among new investors, who are shifting toward Bitcoin and Solana, the fifth-largest cryptocurrency.
Overall, the global crypto market has slipped 1% in the past 24 hours, now standing at $3.15 trillion, according to CoinMarketCap.
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