[한국경제 덮친 ‘트럼프 스톰’]
Soared 26% within 8 days of Trump’s election
Dogecoin mentioned by Musk rose 129%
With the victory of U.S. President-elect Donald Trump, who favors virtual currency, in the presidential election, Bitcoin, the representative virtual currency, is breaking record highs every day, including exceeding $90,000 at one point. Other virtual currencies are also on the rise every day.
According to the US virtual asset exchange ‘Coinbase’, on the 12th (local time) the price of Bitcoin once hit $90,045 (about 126.7 million won) per piece. This is the first time in history that it has surpassed $90,000. Afterwards, it fell slightly and is trading at $87,650 as of 6 a.m. on the 13th, Eastern time (8 p.m. on the 13th, Korean time). The price of Bitcoin rose by about 26.6% compared to 6 am on the 5th, the day of the US presidential election. During the same period, the price of Ethereum also jumped by about 29.9%.
Dogecoin, which President-elect Trump’s closest confidant, Tesla CEO Elon Musk, defended several times, also soared about 129.4% during the same period. Unlike many other virtual currencies that have limited issuance volume, Dogecoin has no issuance restrictions and is therefore treated as a speculative asset. However, it has been rising sharply every day since President-elect Trump, whom Musk strongly supported, won the presidential election.
On the 12th, President-elect Trump selected Musk as co-head of the Department of Government Efficiency (DOGE), which will be newly established in the next administration. Some are interpreting that the fact that the abbreviation for the Department of Government Efficiency, ‘DOGE’, is the same as the stock code of Dogecoin, reflects Musk’s intention when naming the department.
However, the New York stock market, which had been seeing the effects of the ‘Trump trade’, took a breather on the 12th. The Standard & Poor’s (S&P) 500 Index and Dow Jones Industrial Average fell 0.29% and 0.86%, respectively, compared to the previous day. The Nasdaq index also fell 0.09%, with all three major indices showing a decline.
Reporter Lee Ji-yoon [email protected]
-
- great
- 0dog
-
- I’m sad
- 0dog
-
- I’m angry
- 0dog
-
- I recommend it
- dog
Hot news now
What impact does political leadership have on cryptocurrency market trends?
Title: An Insight into the Crypto Surge Post-Trump’s Election: An Interview with Cryptocurrency Expert Dr. Emily Chen
Setting: A cozy studio equipped with the latest broadcasting tools. The editor of Time.news, Tom Reynolds, sits across from Dr. Emily Chen, a renowned cryptocurrency expert.
Tom Reynolds (Editor, Time.news): Welcome, Dr. Chen! Thank you for joining us today.
Dr. Emily Chen (Cryptocurrency Expert): Thank you for having me, Tom. It’s great to be here.
Tom Reynolds: Let’s dive right into it. We’ve seen Bitcoin surge past $90,000 following Donald Trump’s presidential victory. What do you think are the underlying factors driving this explosive growth?
Dr. Emily Chen: It’s fascinating, isn’t it? A significant factor is Trump’s pro-cryptocurrency stance, which creates optimism within the market. Investors often react to political signals, and with Trump in power, there’s a sense that regulation might favor cryptocurrencies. Additionally, the overall increase in digital asset adoption is contributing to this trend.
Tom Reynolds: Speaking of trends, we’ve also seen Ethereum rise by nearly 30% in the same timeframe. Are these shifts exclusive to Bitcoin, or are we witnessing a broader market movement?
Dr. Emily Chen: Great observation, Tom! The rise in Ethereum and other altcoins indicates a broader market movement. Bitcoin is often seen as a safe haven, but Ethereum’s smart contracts and decentralized applications fuel its growth. As institutional investment grows in the cryptocurrency space, we can expect significant rallies across multiple digital assets.
Tom Reynolds: And what about Dogecoin? It skyrocketed 129% after Trump’s win and the announcement of Elon Musk’s appointment in his administration. What does that mean for the future of “meme coins” like Dogecoin?
Dr. Emily Chen: The rise of Dogecoin demonstrates the influence of social media and charismatic leaders like Musk. It reflects a shift where speculative assets gain traction through community support and hype. While it’s essential for investors to approach meme coins with caution due to their volatility, their popularity showcases how decentralized finance is evolving. However, I would advise anyone investing in such assets to do their research thoroughly.
Tom Reynolds: Definitely wise advice! Now, we’ve observed that despite the crypto surge, traditional stock markets like the S&P 500 and Dow Jones took a slight dip. What’s your take on this divergence?
Dr. Emily Chen: It’s indeed interesting. This juxtaposition could indicate a flight towards digital assets, as investors might be looking for alternatives amid stock market fluctuations. There could be underlying concerns about traditional market stability, which leads people to explore decentralized currencies. It’s a shift in how investors view value in this increasingly digital economy.
Tom Reynolds: You make an excellent point! The transition towards digital currencies and assets seems to be transforming how we think about investments. Lastly, what advice would you give to potential investors who are looking to navigate through this volatile landscape?
Dr. Emily Chen: First and foremost, it’s crucial to educate yourself about the digital asset landscape. Understand the technology behind cryptocurrencies and stay informed about market trends. Diversification is key; don’t put all your eggs in one basket. Lastly, be prepared for volatility—this market can swing dramatically, and it’s important to invest within your risk tolerance.
Tom Reynolds: Thank you so much for your insights today, Dr. Chen! It’s clear that we’re at a dynamic crossroads in finance and technology.
Dr. Emily Chen: Thank you for having me, Tom! It’s an exciting time for cryptocurrencies.
Tom Reynolds: And thank you to our viewers for tuning in. Stay tuned for more updates on the evolving cryptocurrency landscape and what it could mean for the future of global finance!