Pro-crypto US President-elect Donald Trump congratulates Bitcoin enthusiasts on the asset’s latest milestone, after a break to an all-time high of $108,000.
Trump again showed his commitment to the cryptocurrency industry following a mention in a recent public appearance. He congratulated the crypto community on Bitcoin’s recent milestone, as the premier asset surged to a new all-time high of $108,000 last week.
US President-elect Lauds Bitcoin’s New Price Milestone
Trump made congratulatory remarks at a rally at the Turning Point event in Phoenix, Arizona, on Sunday. Notably, the elated crowd met his comments with cheers and applause, appreciating the president’s role in the staggering Bitcoin milestone.
The 47th US President mentioned the asset as one of the sectors that has benefited immensely from his victory in the November 5 elections. He then congratulated Bitcoin holders on the notable milestone.
Meanwhile, Trump seems to be keeping up with the latest developments in the crypto industry. He also congratulated Bitcoiners after the pioneering cryptocurrency broke the $100,000 psychological price mark in early December.
Nonetheless, Trump is already looking to keep his promises to the industry. He plans to replace SEC chair Gary Gensler with a more friendly option, Paul Atkins, and remains keen on ensuring the industry thrives in the US.
Bitcoin Records First Notable Weekly Loss Under Trump
Notably, the congratulatory remarks preceded the worst weekly closing for Bitcoin in over six weeks. The premier asset recorded an 8.52% correction the previous week, dropping considerably from its opening price of $104,197 to close at $95,303.
Before the weekly loss, bullish sentiments from Trump’s win engulfed Bitcoin, catalyzing an over 43% upsurge from the mid-$60,000s to six figures. The Bitcoin exchange-traded funds (ETFs) saw a similar demand, accruing a record single-day inflow of $1.37 billion during the run.
Meanwhile, analysts have pegged the latest Bitcoin drawdown to a hawkish update from the Federal Reserve System’s chair, Jerome Powell. In the latest FOMC meeting, he noted that the agency will cut interest rates on two of a possible five windows amidst economic uncertainties.
At press time, Bitcoin trades at $96,023, up less than 1% in the past day.
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