Bitcoin rises and surpasses US$90,000 for the first time

O experienced a session of great volatility, reaching the US$90,000 mark for the first time, with peaks close to US$93,000. However, at the end of the trading session, the cryptocurrency saw its growth moderate. The appreciation of the digital asset follows the upward trend after the election of which resulted in an increase of approximately 30% in the value of bitcoin. Other assets, such as dogecoin, also recorded gains. At around 5:10 pm, Brasília time, bitcoin was up 1.61%, quoted at US$90,766.24. In contrast, ethereum faced a 3.06% drop to trade at $3,175.73, while dogecoin rose 1.66% to $0.38. These movements reflect the dynamics of the crypto market, which continues to be influenced by political events.

Bitcoin’s momentum is fueled by the victories of congressional candidates who received support from super PACs focused on the cryptocurrency sector. Traders are optimistic, predicting that bitcoin could reach the $100,000 mark by the end of the year. Currently, there are around US$850 million in options contracts that support this objective, demonstrating investor confidence. The cryptocurrency industry, which has contributed $170 million to super PACs, is seeking deregulation and policies that favor the sector. After the election, many investors demonstrated renewed optimism, using borrowed money to purchase bitcoin derivatives products.

The total value of derivatives contracts outstanding on centralized exchanges has reached approximately $61 billion, marking a significant increase in recent months. In a broader political context, Trump announced that and Vivek Ramaswamy will lead a new “Department of Government Efficiency” in a possible second term. This new structure will aim to provide “advice and guidance” to the White House, which could further impact the economic and regulatory landscape for cryptocurrencies.

*Report produced with the help of AI