Bitcoin jumps 28% since Trump’s win

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Bitcoin soared by 28% since Donald Trump’s recent U.S. presidential victory, hitting an all-time high of $88,701. The cryptocurrency’s market cap surged to $1.76 trillion, fueling a broader crypto market capitalization increase to nearly $3 trillion. Trump’s administration is anticipated to support crypto, a stance he clarified during his 2024 campaign, pledging minimal regulation and a national Bitcoin reserve. This shift in Trump’s policy, a departure from his skepticism, has boosted investor confidence in a crypto-friendly environment under his leadership.

Investors and market experts expect Trump’s administration’s pro-business stance to favor the digital asset space, forecasting a possible Bitcoin rally to $100,000 by year’s end. Key U.S. policymakers, including Senator Cynthia Lummis, have publicly supported plans to build a strategic Bitcoin reserve. This development marks a significant shift from the previous administration’s stricter regulatory stance, fostering optimism across crypto markets and beyond.

Interest rate decisions in the U.S. and Nigeria further influence market dynamics, with the Federal Reserve recently cutting rates and the Central Bank of Nigeria (CBN) doing the opposite to attract investment. While U.S. Treasury yields have fallen, Nigeria’s high-interest rates have attracted substantial investments into the country’s fixed-income market, seeing record yields and increased treasury bill subscriptions. These contrasts reflect Nigeria’s frontier market status, drawing investor interest amid the global economic shifts.

BUSINESS DAY

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