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Cryptocurrency News Articles

Bitcoin Bulls Bank on Scott Bessent Treasury Nomination to Spark New Bull Market

Nov 27, 2024 at 11:28 pm

Bitcoin's price is up a notable 3.2% Wednesday morning, with analysts suggesting that the asset may have found a price floor.

Bitcoin Bulls Bank on Scott Bessent Treasury Nomination to Spark New Bull Market

Bitcoin price today: BTC trades higher as analysts eye ‘local bottom’

Bitcoin price rose on Wednesday as analysts pointed out increased activity from short-term holders, suggesting that the cryptocurrency might have found a price floor.

Bitcoin price today: BTC trades higher amid anticipation of a potential bull market. Image: Shutterstock

What Happened: Bitcoin price was up 3.2% over the last 24 hours to $17,190.

The world’s apex cryptocurrency traded in a narrow range of $16,833 to $17,244 during the session.

Bitcoin price encountered resistance at $17,244 and support at $16,833.

Chart: TradingView

Top crypto gained on Wednesday, with Ethereum up 5.8%, and other major altcoins joining the trend.

Cardano gained 8.3%, Solana 3.5%, Dogecoin 4.3%, Shiba Inu 4.1%, BNB 2.4%, and XRP 6.2%.

See More: Best Crypto Apps

CoinDesk senior analyst James Van Straten highlighted that around $8 billion of Bitcoin moved to exchanges recently, suggesting that the market might be nearing its bottom.

“In notional terms, this is the highest on record. When this cohort typically sends $2 billion or more in tokens to exchanges at a loss, it’s signaled a local bottom,” Van Straten said, adding that the behavior coincides with the conclusion of bear market cycles.

Van Straten also noted that exchange inflows have historically marked moments when selling pressure peaks, paving the way for a price rebound.

The increased exchange activity may indicate that traders are capitalizing on the recent volatility, either locking in profits or entering new positions in anticipation of a potential bull market.

Trump's Treasury Pick May Boost Bitcoin? While Bitcoin price enjoyed a relative uptick on Wednesday, traders also kept an eye on the broader market developments that could influence crypto prices in the long term.

One such development is President-elect Donald Trump's recent nomination of hedge fund manager Scott Bessent for the role of Treasury Secretary.

Known for his pro-crypto stance, Bessent's nomination stands in contrast to the Biden administration's approach under former Federal Reserve Chair Janet Yellen.

If confirmed, Bessent's policies could introduce greater clarity on crypto regulations, potentially facilitating the entry of Bitcoin and other digital assets into the mainstream financial landscape.

News source:www.forbes.com

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