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‘Trump bump’ boosts confidence in local crypto market
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Representations of virtual currencies are placed on US dollar banknotes in this illustration photo taken on Nov. 28, 2021. (Reuters/Dado Ruvic)
T
he victory of Donald Trump in the United States presidential election earlier this month, which is seen to usher in a pro-crypto administration in the US, has reignited the global crypto market and boosted optimism among Indonesian investors as well.
Bitcoin, the world’s biggest cryptocurrency, has soared this month to hit a new all-time high above US$99,000 on Friday, after previously being stuck in a sideways trend.
Crypto prices have surged since the US election on Nov. 5 as traders expect the president-elect’s administration to be favorable for crypto assets.
This optimism has driven the global crypto market capitalization to more than $3 trillion, marking a 132.59 percent year-on-year (yoy) increase, according to CoinGecko, a crypto market analysis platform.
Read also: Bitcoin breaks $95,000 for first time on optimism over Trump crypto plans
Wan Iqbal, chief marketing officer at local crypto trading platform Tokocrypto, explained that Trump’s win was the main catalyst for upbeat market sentiment, which many have referred to as the “Trump bump”.
Investors expected the incoming US administration to establish clearer crypto regulations, be open for decentralized finance (DeFi) and potentially appoint a new Securities and Exchange Commission (SEC) chair to reshape the approach to digital assets, Wan added.
