Bitcoin Hits New Record Topping $88,000: What’s The ‘Last Big Trade’?

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Bitcoin soared past $81,000 for the first time, driven by President-elect Donald Trump’s strong support for digital assets and the prospect of a pro-crypto Congress. Trump’s decisive election victory has sparked optimism in the cryptocurrency sector. At the time of writing, Bitcoin is up by more than nine percent, trading at $88,700.

With U.S. markets outperforming global equities, many are anticipating further gains, particularly as Trump’s economic policies, including deregulation, tax cuts, and trade reforms, are seen as favorable for the U.S. economy.

The excitement surrounding Trump’s return to office is helping fuel this momentum, with the digital asset industry hoping for a more favorable regulatory environment. While the broader market is experiencing volatility, Bitcoin is one of the standout performers, with analysts predicting further gains if Trump delivers on his pro-crypto agenda.

Bloomberg Analyst Expresses Skepticism 

In a discussion with Scott Melker, Mike McGlone pointed out that Bitcoin is currently one of the “fastest horses in the race,” with its 60-day correlation to the stock market reaching an all-time high. As the stock market hits record highs, Bitcoin is riding the wave. However, he said that despite this impressive rise, Bitcoin hasn’t fully lived up to expectations. It’s still not performing as anticipated—especially when it comes to going up when stocks go down, which is what many expected during market corrections.

Mike said that the current market sentiment is driven by a search for the “last big trade,” and many are still focused on the stock market. He also added that, after his conversation this morning with industry experts, there’s growing concern about Trump’s policies.

While some are worried he won’t follow through on his campaign promises, Mike believes the macroeconomic outlook suggests the opposite—that the market will be influenced by the larger trends in place.