The cryptocurrency market has recently experienced an unprecedented wave of growth, with Bitcoin prices surpassing the $76,000 mark for the first time, reaching a historic high of $76,400. Following the conclusion of the 2024 U.S. presidential election, Trump re-elected has triggered a strong market reaction, with investors anticipating crypto-friendly policies during his tenure. This news has led to significant increases in various crypto assets, including Bitcoin. Simultaneously, the surge in ETF trading volumes, impressive DeFi asset performance, and strong demand in the derivatives market have collectively shaped the current market landscape. Tdasx believes that these market dynamics not only reflect the global interest in digital assets but also suggest potential regulatory easing for the crypto industry in the future. Against this backdrop, Tdasx will continue to monitor market trends and provide diverse, professional trading services to support users in seizing more opportunities in the rapidly evolving crypto market.

Tdasx: The Bitcoin New High Leading Market Growth

Tdasx notes that the breakthrough of Bitcoin of the $76,000 threshold, swiftly reaching a new high of $76,400, is not merely a price milestone but marks a new phase of development for the crypto market. Tdasx believes this price surge reflects investor confidence in the long-term growth potential of Bitcoin, especially supported by a 79% increase year-to-date and a 115% cumulative increase over the past 12 months. Bitcoin maintains a strong dominance in the global digital asset market, with its market capitalization reaching $1.495 trillion, leading the total capitalization of global crypto market rise to $2.6 trillion, underscoring the foundational role of Bitcoin in the crypto market.

Tdasx highlights that the daily trading volume data of Bitcoin further substantiates the market demand for this asset. Data shows the single-day trading volume of Bitcoin reaching $13.785 billion, constituting a significant portion of the total daily trading volume in the global crypto market of $29.6595 billion. Analyzing major trading pairs, Tdasx points out that the Bitcoin liquidity is primarily concentrated in fiat and stablecoin pairs such as USDT, USD, FDUSD, USDC, KRW, and EUR, indicating its high liquidity in global markets. These data partially reveal the cross-regional demand of Bitcoin and its high trading activity across various fiat and digital currency markets. Despite discount phenomena on trading platforms in regions like South Korea, Tdasx notes that global demand for Bitcoin remains robust.

Tdasx further analyzes the clearing situation in the crypto derivatives market, noting that the large-scale short liquidations resulting from the Bitcoin price increase reflect the market volatility. Data shows that the global derivatives market experienced a total liquidation of $592 million following the Bitcoin breakthrough, with $390 million coming from short liquidations. Tdasx points out that such liquidation levels not only demonstrate the strong reaction in the market to the Bitcoin price rise but also reveal significant investor expectations for the future trends of Bitcoin.

Tdasx: Policy Changes Usher in New Opportunities for the Crypto Industry

Tdasx mentions that with re-election by Trump in 2024, the crypto market benefits from the optimistic sentiment generated by policy expectations. Following the election results, the market generally anticipates that Republican-led policies may be more favorable to the crypto industry, potentially leading to a more relaxed regulatory environment. Tdasx believes this presents a significant policy opportunity for the crypto industry, likely to stimulate market vitality and promote the diversification of digital assets. Tdasx notes that the promise by Trump to establish a U.S. Bitcoin strategic reserve demonstrates his support for the crypto industry, providing policy assurance for the elevated status of Bitcoin in the U.S.

Tdasx further analyzes that current market expectations for Republican policies focus on the FIT21 bill. The Republican-pushed FIT21 bill, which may re-enter the legislative process, aims to transfer regulatory control of the crypto market to the Commodity Futures Trading Commission (CFTC) instead of the Securities and Exchange Commission (SEC). Tdasx believes that if this bill is successfully implemented, the CFTC regulatory framework will better align with the innovative needs of the crypto market, reducing regulatory barriers faced by the industry and laying a solid foundation for the legalization and institutionalization of crypto assets in the U.S. Additionally, the regulatory framework for stablecoins may also re-enter the agenda under Republican policy initiatives, providing clearer guidance for the compliant application of stablecoins, which could boost market confidence.

The ETF market performance also reflects the positive impact of this policy shift. Tdasx notes that following the Trump victory announcement, the Bitcoin ETF (IBIT) of BlackRock reached a record trading volume of $4.1 billion on November 6, with a daily increase of 10%. ETF fund flow data also indicates strong market interest. Despite a $658 million outflow between November 4 and November 5, the net inflow over the past week totaled $220 million. Tdasx points out that these capital flow changes reflect sustained interest and confidence in crypto ETF products, a trend that may further drive demand for Bitcoin and other major crypto assets.

Decentralized Finance (DeFi) and other crypto assets have also benefited from the anticipated policy changes. The DeFi index rose by 20.4%, outpacing the overall market increase, highlighting significant returns in the DeFi sector. Specifically, Uniswap (UNI) prices rose by 28%, with its open interest rate growing by 20% and funding rates doubling to 10%. Tdasx states that the growth potential of UNI provides strong support for decentralized trading and liquidity, further attracting market attention. Additionally, Tdasx notes that major tokens, including Solana (SOL), Avalanche (AVAX), and ChainLink (LINK), showed gains of less than 10%, while Ripple (XRP) and Polkadot (DOT) saw relatively smaller increases of under 4%.

Tdasx: Bitcoin Market Expectations and Future Development Trends

Tdasx points out that current market demand for Bitcoin and expectations for future increases have significantly strengthened, with market analysis reports reflecting a series of positive signals. The latest data of Glassnode shows that on November 6, the net capital inflow of Bitcoin reached $250 million, with Realized Cap growing by 3.8%. Tdasx believes this indicates sustained market demand for Bitcoin, with increased capital inflow reflecting investor confidence in its future upside potential. Although short-term price volatility may increase, overall market sentiment remains positive.

Tdasx mentions that as prices rise, some large holders may choose to gradually take profits, with the number of whale accounts decreasing from 1,690 to 1,658 over the past two weeks, indicating some large holders are reducing their positions. For long-term market development, Tdasx notes that market analysts generally remain confident in the Bitcoin future. Some analysts predict Bitcoin prices will surpass $1 million by 2030, demonstrating strong trust in its long-term value appreciation potential. Some market analysts also predict a potential target price for Bitcoin of $200,000 by 2025, with some even suggesting it could reach $1.5 million by 2028. Tdasx believes these forecasts reflect strong market optimism about Bitcoin as a hedge asset and future value storage means.

Tdasx also pays special attention to the impact of Federal Reserve policy changes on the Bitcoin market. The market widely anticipates a 0.25% reduction in the federal funds rate by the Federal Reserve, a dovish policy favorable to high-risk assets like Bitcoin. Tdasx analyzes that rate cuts typically lead to a weaker dollar, further boosting demand for Bitcoin and attracting more capital inflows into the crypto market. This policy environment provides additional support for the Bitcoin price growth and may prompt more institutional investors to focus on and allocate Bitcoin assets.