The largest cryptocurrencies have surged to unprecedented levels as the newly elected administration of President Donald Trump is perceived to offer greater support for bitcoin. Bitcoin (BTC) increased by 3% within the past 24 hours, reaching a trade value of $82,123 early Monday. Meanwhile, Ethereum (ETH) experienced a slight dip, yet it has shown a remarkable 29% rally over the last week.
The global cryptocurrency market capitalization rose by 2.9% to reach $2.8 trillion, complemented by a 2.7% increase in the CoinDesk Market Index during the same period. The crypto sector invested approximately $135 million to bolster candidates during the 2024 electoral cycle, with contributions made to both Democratic and Republican figures, including Trump himself.
Throughout his presidential campaign, Trump made several commitments that were regarded as favorable to the cryptocurrency sector, especially bitcoin, such as advocating for a national bitcoin reserve. As he assembles his administration, appointments have begun, including the naming of a campaign co-chair as chief of staff last week. Looking into the economic calendar for this week, speeches from several Federal Reserve officials are slated for Tuesday and Wednesday, following Monday's Veterans Day holiday, which left federal offices and US bond markets closed. Additionally, Wednesday will bring the release of the consumer price index at 8:30 AM ET, with market participants eager to see any deviation from the September figures, which reflected a 0.2% increase and a 0.3% rise in the core measurement.
Producer prices are set to be disclosed on Thursday, followed by retail sales data on Friday..