FxNews—On Tuesday, Bitcoin remained above $88,000, holding its ground after soaring more than 10% to hit new record highs the day before. This significant rise was largely driven by expectations of a cryptocurrency-friendly U.S. government under Donald Trump and a Republican Congress.
Trump, a strong supporter of the crypto industry, has pledged to turn the United States into the “crypto capital of the planet” and build up national Bitcoin reserves, further increasing investor optimism.
Jesse Myers Sees Halving as Key to Bitcoin Surge
Moreover, the rally gained momentum from robust participation by major institutions and the return of individual retail investors to the market. Meanwhile, co-founder of Onramp Bitcoin, Jesse Myers, noted on X that the supply shock following Bitcoin’s halving event might be the main catalyst behind this surge.
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He highlighted that Bitcoin’s unique supply mechanism—where the creation of new coins is halved every four years—could help explain the cryptocurrency’s recurring tendency to form “bubbles.”
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.