Bitcoin Surpasses $97,000 on Trump's Windfall

Trump "Establishes Dedicated Cryptocurrency Position in the White House"
BTC surges over 5% during the day, breaking through $97,000 in an instant
Altcoins rise in line with BTC's rise... "A clear bull market"
Foreign media "BTC futures market data indicates a healthy rise"

BTC rose about 5% during the day on the 21st, breaking through $97,000 and continuing its upward march.

Trump's role was significant in the rise of BTC. It was reported that the President-elect Trump is considering establishing a dedicated cryptocurrency policy position within the White House.

Bloomberg reported on the 20th, based on testimony from a source, that President-elect Trump is considering establishing a new position to coordinate and regulate cryptocurrency policies across federal agencies.

The new position is expected to oversee the coordination of policies and regulations related to cryptocurrencies across Congress, the White House, the SEC, and the CFTC.

Bloomberg reported that the new position will be able to report directly to President-elect Trump, and that he is considering appointing someone suitable for the role.

After the 'pro-cryptocurrency candidate' Trump was elected president, BTC has continued its upward surge as he appears to be keeping his promise.

Altcoins also rode the wave of BTC's rise, creating a typical 'bull market' atmosphere during the day.

◇BTC = As of 4 pm on the 21st based on Upbit, the price of BTC is 13,694 million won. BTC's market dominance is 61.55%.

According to on-chain analysis platform Glassnode, the long (bullish) and short (bearish) betting ratio in the BTC futures market is 38.56% and 61.44%, respectively.

As BTC surged ferociously and broke through $97,000, many foreign media outlets predicted further rises in BTC.

Cryptocurrency media outlet Decrypt reported on the 21st that based on BTC futures market data, BTC still has upside potential. Decrypt explained that "there are no signs of overheating in the futures market" and "the ratio predicting long (bullish) positions is high, unlike the March futures market, indicating a healthy figure."

It further emphasized that "this could provide good momentum for BTC to reach $100,000."

◇Rising Coins = As of 4 pm on the 21st based on Upbit, the cryptocurrency that recorded the largest increase from the previous trading day was , rising about 20%.

BCH is a cryptocurrency created as a hard fork of BTC, led by Chinese mining companies such as Bitmain on August 1, 2017, as a result of the BTC Segwit.

BCH can store more transaction details than the original BTC, and it complements BTC's shortcomings with lower transaction fees and faster processing approvals.

◇Fear and Greed Index = The Cryptocurrency Fear and Greed Index provided by Alternative is at 82 points, entering the 'Extreme Greed' stage. Extreme Greed is a stage of rise accompanied by high trading volume and strong volatility. The market is likely to see an exodus at the peak, which can be considered a sell-off zone for institutions.

The Cryptocurrency Relative Strength Index (RSI) provided by Glassnode is 71.4, recording an 'overbought' state. RSI measures the relative strength between the upward and downward pressure of a specific asset price, indicating the overbought and oversold levels of the asset.

Reporter Kwon Seung-won ksw@blockstreet.co.kr