Bitcoin climbs to $91,755 as traders brush off Trump gloom

Crypto traders might have something to be grateful for this Thanksgiving, as Bitcoin has rebounded to this week’s high of $91,755. The king digital currency had fallen nearly 30% in the past month, dropping below $82,000 and causing “max pain” to maxis who have been blasting US President Donald Trump’s influence on the broader crypto market.

The cryptocurrency’s recovery comes on the heels of a price downturn that began in “Uptober,” when Bitcoin last traded above $126,000. According to Cryptopolitan’s coverage, a mass liquidation event on October 10 wiped over $20 billion from the leverage market after Trump threatened China with a 100% tariff rate.

Bitcoin ended October in woes, investors hope for end-November upside

Per CoinGecko’s latest updates, Bitcoin rose 4.5% in the past 24 hours, climbing to $91,755 before correcting downwards to $91,225. Other top-10 ranked cryptos also recorded gains, with Ethereum up 2.8%, alongside BNB and Solana’s 3.2% and 2.9% upward price movements, respectively.

Bitcoin has fared better than smaller cryptocurrencies in recent weeks but is still down roughly 20% since late October.

Social media chatter tracked by analytics firm Santiment shows Bitcoin is the second most trendy coin, with most debates focused on technical analysis, institutional investments like ETFs, and the zero BTC purchase from Michael Saylor-led treasury firm Strategy this week.

CryptoQuant’s on-chain and futures charts show the market is stabilizing after the previous week’s leveraged market losses. The retail futures activity indicator has turned green, meaning the number of retail holders who had been selling the dip is dwindling enough to create a healthier market structure.

Bitcoin’s MVRV ratio, the measure of market value relative to realized value, has compressed to 1.54. CryptoQuant author XWIN Research Japan surmised that this level historically signals a “value zone” where price rebounds and positive market corrections begin. 

The Trump factor: Is he to blame for Bitcoin’s price fall

Last year in November, when President Trump clinched his ticket back into the Oval Office for the second time, Bitcoin’s price surged to an all-time high of $90,000. The largest coin by market cap finally breached the $100,000 border just a month later, in part due to policies and initiatives associated with Trump’s administration. 

According to several market watchers, the cryptocurrency treads on “Trump trade,” which means it is influenced by pro-crypto executive orders, regulatory decisions, and administration policies.

Trump has so far signed measures allowing ordinary Americans to invest 401(k) funds in crypto assets and the creation of a National Strategic Reserve. Just before he was inaugurated, the POTUS launched his memecoin Official Trump, setting the tone for how friendly his administration has become for the digital currency market.

The administration also undertook efforts to weaken regulatory bodies, such as the Consumer Financial Protection Bureau, and attempted to reduce bank oversight. Crypto exchange executives like Binance founder Changpeng Zhao, previously found guilty of violating US money-laundering laws, received a pardon from Trump against the wishes of liberal politicians like Senator Elizabeth Warren.

However, Nobel Prize-winning economist Paul Krugman believes there is a negative causality to a Trump-fueled crypto market. In a Substack post titled “The Trump Trade is Unravelling,” Krugman said President Trump’s political influence directly caused the cryptocurrency’s top and decline.

“Trump is as determined as ever to reward the industry that made his family rich, and those around him are as determined as ever to make America safe for predators of all kinds,” Krugman wrote.

Cryptopolitan had reported that Trump ally Brandon Gill, a US representative for Texas’s 26th congressional district, disclosed purchases of $300,000 in Bitcoin and shares of BlackRock’s iShares Bitcoin Trust ETF (IBIT).

According to disclosure reports, he initially acquired between $100,000 and $250,000 in Bitcoin on October 20 and added $15,001 to $50,000 in IBIT nine days later. Much like Gill has seen the opportunity to buy the news, Krugman says many members of Trump’s camp will continue to take advantage of the market sway caused by his decisions and his falling poll numbers.

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Source: https://www.cryptopolitan.com/traders-celebrate-bitcoins-return-91-8/