Updated on 11/30 below. This post was originally published on November 29th
Cryptocurrencies including Bitcoin and Ripple's XRP have suddenly soared, with Bitcoin prices once again within reach of $100,000 after plummeting this week.
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Bitcoin prices skyrocketed this year with the election of Donald Trump as US president, spurring a massive $15 trillion Bitcoin price bet.
Now, with Elon Musk quietly acknowledging the transformation of Bitcoin and the crypto market, Bitcoin bulls are on the rise after Donald Trump's election gave him a regulatory “green light.” We are strengthening our price predictions for 2025.
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Forbes Tesla CEO Elon Musk warns that U.S. “bankruptcy” will come “very quickly” without Dogecoin-inspired “fix”: Billy Bambrough
US President-elect Donald Trump helped fuel this year's Bitcoin price boom with Ripple's XRP. [+] And the prices of small cryptocurrencies are also skyrocketing.
Washington Post (via Getty Images)
“US institutional investors are deepening their exposure to crypto assets, and the rest of the world is also increasing,” Ed Hindy, chief investment officer at Switzerland-based crypto hedge fund Tier Capital, said in emailed comments. It will catch up with that,” he said, giving his predictions for the Bitcoin price as follows: $250,000 in 2025.
“Trump’s victory is a massive regulatory green light to expand both participation and position size in Bitcoin, Ethereum, and premium decentralized finance (DeFi) altcoins.”
President Trump leaves office this year after pledging to build a Bitcoin Strategic Reserve and ease regulations that crypto companies say are stifling the technology. The company is considering a successor to Gary, the chairman of the U.S. Securities and Exchange Commission (SEC). Gensler supports crypto regulators.
Ripple's XRP price has risen 13% this week, with traders betting Trump's election as SEC chairman will mean the end of Ripple's long legal battle, with XRP price up almost 200% since the US presidential election in early November. % rose.
Update 11/30: After a leak reported by Fox Business revealed that New York's top crypto regulator is poised to greenlight a new stablecoin issued by XRP developer Ripple. Ripple's XRP has soared again.
Ripple's XRP price has risen another 20% in the past 24 hours, adding to a massive increase of nearly 200% since October, propelling XRP up the rankings of the crypto market, making it the fifth-largest cryptocurrency with a market capitalization of $108 billion. It became a currency. For comparison, Bitcoin's market capitalization is just under $2 trillion.
Ripple's XRP slumped during the previous Bitcoin price and crypto market bull run and failed to make significant profits due to a long legal battle with the US Securities and Exchange Commission (SEC).
Anonymous sources told FOX Business that the New York Department of Financial Services is close to approving the so-called RLUSD dollar-pegged stablecoin, with Ripple aiming for a Dec. 4 launch.
If approved, Ripple will be allowed to offer RLUSD to the public, presenting it as a U.S.-compliant alternative to Tether's $130 billion worth of USDT stablecoin, which currently dominates the stablecoin market. It will be.
The huge success of Tether's USDT, which generates billions of dollars in revenue every quarter for the British Virgin Islands-based company, comes as rivals seek to grab a slice of the market. It is causing a digital gold rush, and PayPal, a major internet payment company, is rushing to enter the market. Bring your own stablecoin to market.
Yuya Hasegawa, a Tokyo-based Bitcoin and virtual currency market analyst at BitBank, said, “Former SEC Chairman Paul Atkins, who is close to financial technology, is attracting attention as the new SEC Chairman under the second Trump administration. “Bitcoin price has recovered from Wednesday's $91,000 level.'' In an emailed comment, he added that the U.S. Thanksgiving holiday could be the trigger for Bitcoin prices to break above the much-watched $100,000 per Bitcoin level.
“The crypto market also sees market anomalies around Thanksgiving. In bull markets, Bitcoin tends to suffer losses around Thanksgiving, but the price rises again a week or two later. This “Thanksgiving” “anomaly'' was observed during the bull market. Many market participants believe that 2016 and 2020 were the years in which Bitcoin halving occurred, with the fourth halving occurring in April of this year. It may be. We believe the slump around Thanksgiving could be a huge opportunity. ”
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Forbes leak reveals Wall Street price megaquake could hit Bitcoin and cryptocurrencies in 2025 By Billy Bambrough
Bitcoin price rises after plummeting this week to $100,000 per Bitcoin… [+] Returning to the reach of traders, Ripple’s XRP price rises.
forbes digital assets
However, Bitcoin and crypto market watchers in Hindi and elsewhere believe the recent volatility will continue in the coming weeks as Bitcoin prices and the prices of other small cryptocurrencies, including Ripple's XRP, soared into November. I expect it to continue.
“We expect both the Bitcoin bull market and volatility to continue for the rest of the year,” said Hindy.
“The $75,000/$120,000 range is not surprising. With incredible levels of fomo driving buy-and-take and profit-taking in earnest, a correction will likely occur quickly.” [fear of missing out]. The Trump trade pushed Bitcoin and stocks to record highs. We believe the initial Santa Claus rally will be overextended and expect profit-taking towards the end of the year. ”
