United

Galaxy

Bitcoin

Joe Biden

Donald Trump

The fresh surge in the digital assets market suggests that the United States is reasserting its dominance in the crypto market. This is backed by record breaking spot <a href="https://news.todayq.com/fidelitys-fee-frenzy-an-etf-surprise-that-no-one-saw-coming/" rel="noopener noreferrer nofollow">Bitcoin ETFs</a> trading, some supportive regulatory shifts, and a political climate that is now turning favorable for the industry. Donald Trump to push crypto up and above? 
Reports depict that there are signs of revival with the resurgence of the dollar to the rising influence of crypto advocate Donald Trump in the presidential race.
The US Securities and Exchange Commission (SEC) has aggressively targeted major players like Binance and Coinbase Global in its legal pursuit. However, 2023 saw the commission shifting gears. In late May 2024, the SEC began approving spot Ether exchange-traded funds (ETFs) and surprised the markets by signaling a more friendly stance.
If we take a look at the political arena, Donald Trump currently holds a narrow lead over President Joe Biden in the polls. He has been a good crypto advocate. Meanwhile, legislative efforts are also gaining momentum.&nbsp;
According to Bloomberg Intelligence analysts, the Financial Innovation and Technology for the 21st Century Act (FIT21) has increasing chances of becoming law by 2025. This would establish a new regulatory framework for cryptos. What does experts say? 
On the same side, Mike Novogratz, CEO of Galaxy Digital, had predicted that the favorable US political environment could push Bitcoin’s price above $100,000 by 2024 end. Bitcoin price is up by almost 70% on the year to date (YTD) basis. BTC is trading at an average price of $71,104, at the press time. Its 24 hour trading volume is up by 36% to stand at $38.16 billion. The digital asset market cap stands at $2.63 trillion with a trading volume of $93.7 billion.
The shift began in earnest on January 11 with the introduction of spot-Bitcoin ETFs from BlackRock Inc. and Fidelity Investments, which have amassed $61 billion in assets.&nbsp;
This marks one of the most successful launches for a fund category ever. Their influence is reshaping trading patterns, with Bitcoin trading volume increasingly concentrating around US market hours. The share of cumulative Bitcoin trading volume in the hour before US markets close has risen to 7.2% this year from 4.9% during the 2021 crypto bull run, driven by the ETFs’ valuation practices.
In contrast, Hong Kong’s recent launch of spot-crypto ETFs tracking Bitcoin and Ether has not matched the US vehicles’ inflows.

Is this Trump effect as US crypto market hits new highs?

Todayq News

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