Bitcoin price today: tops $76k on Fed rate cut cheer, Trump victory

Bitcoin rose higher on Friday and remained close to record highs hit this week as a Donald Trump victory in the 2024 presidential election and an interest rate cut by the Federal Reserve kept crypto markets upbeat. 

The world’s largest cryptocurrency rallied to record highs this week amid optimism over friendlier U.S. regulations during a second Trump presidency. 

The Fed’s interest rate cut on Thursday added to this rally, as the bank signaled that the U.S. economy remained strong, and that it will likely ease monetary policy further.

Bitcoin rose 1.4% to $76,029.0 by 08:25 ET (13:25 GMT).  Bitcoin remains upbeat as Trump trade continues 

Bitcoin surged to a record high of $76,837.8 on Thursday, and remained in sight of these peaks after Trump’s victory sparked sharp gains in crypto markets.

Bitcoin was at the forefront of these gains, as markets bet that Trump will roll out more crypto-friendly regulations, as promised by his campaign. 

Trump had vowed to make the U.S. the “crypto capital” of the world, although he did not specify just what his policies would entail for the crypto industry. 

Still, crypto bulls bet that Trump’s policies would give Bitcoin more legitimacy as an investment vehicle, boosting its adoption by institutional investors.  Fed rate cut adds to crypto gains 

Risk appetite was furthered by the Fed cutting interest rates by 25 basis points, as widely expected, on Thursday. 

Chair Jerome Powell said that the U.S. economy was in a good place, and signaled that the bank would continue to ease monetary policy, albeit cautiously. 

Powell also said that the Fed’s path was unchanged in the face of near-term political changes in the U.S., but would adapt to changing policies in the long-term.

His comments spurred gains across most risk-driven assets, with Wall Street hitting a record high on Thursday. These gains also spilled over into crypto.

Still, the longer-term outlook for interest rates was seen turning more uncertain, especially with Trump expected to enact more inflationary policies.  Crypto price today: Solana tops $200 mark, Cardano soars 16%

Crypto prices were headed for a stellar week, with Bitcoin trading up nearly 10%.

World no.2 crypto Ether jumped 4.4% to $2,929.03 on Friday, and was set for an over 15% gain this week- its best since mid-May.

Memecoin Dogecoin was a standout performer this week, up nearly 22% in its second consecutive week of double-digit gains.

Solana (SOL), now the fourth largest cryptocurrency by market cap, has broken past $200 for the first time since April, driven by Trump's election victory.

The cryptocurrency has risen over 9% in the last 24 hours and around 20% over the past week, reaching a market cap of $95 billion, according to CoinGecko. Early Friday, SOL hit a high of $204.4, marking its highest value since April 1, 2024.

Meanwhile, Cardano (ADA) has surged 16% over the past day, outperforming most other major digital assets. ADA crossed 43 cents on Friday, hitting levels not seen since late July. Key factors driving recent price increases include a broader market rally and renewed interest in decentralized finance (DeFi).

Moreover, some analysts note ADA’s popularity among retail investors as a growth driver.

Ambar Warrick contributed to this report. 

Source: Investing.com