Bitcoin has hit a new all-time high following former President Donald Trump’s return to the political spotlight. Trump’s recent election victory has seemingly reignited crypto enthusiasm, propelling Bitcoin and other top digital currencies to unprecedented heights. Meanwhile, bankrupt crypto exchange FTX continues its legal fight to reclaim funds from platforms like Crypto.com, adding another layer of drama to the volatile crypto landscape.
Bitcoin Soars to Record High Amid Market Rally
Last week, Bitcoin surged past its previous all-time high, reaching $75,389 and continuing its climb to start the week around $82,197. This dramatic rise follows Trump’s political resurgence, with his supporters and cryptocurrency investors rallying around Bitcoin as a preferred asset. The digital currency saw a nearly 20% increase over the past week, as optimism surged among pro-crypto traders who align with Trump’s policies, particularly around financial decentralization and deregulation.
For the first time in eight months, Bitcoin surpassed the $73,000 mark and is expected to keep its upward momentum. Analysts suggest that the market’s confidence in a pro-crypto administration could keep Bitcoin and other cryptocurrencies on an upward trajectory, potentially setting new records in the weeks ahead.
FTX Demands Crypto.com Return Frozen Funds Amid Bankruptcy Proceedings
While the crypto market celebrates Bitcoin’s gains, FTX remains embroiled in legal battles to reclaim assets tied up in various exchanges. FTX, which declared Chapter 11 bankruptcy two years ago, is pressing platforms like Crypto.com and KuCoin to release funds that could help cover its outstanding debts. According to filings, FTX’s investment arm, Alameda Research, alleges that Crypto.com has been holding $11 million in assets belonging to FTX, despite court-approved repayment plans.
Alameda’s account on Crypto.com, under the alias “Ka Yu Tin,” has remained locked since FTX’s financial collapse. This delay, FTX argues, hampers its efforts to repay its $12 billion debt to creditors, a debt largely resulting from the alleged mismanagement by former CEO Sam Bankman-Fried. FTX’s legal team continues to push for the release of these funds as they work to restore financial stability for the company’s investors.
Cryptocurrency Market Surges Following Trump’s Win
In addition to Bitcoin’s record high, other top cryptocurrencies are experiencing significant gains. Ethereum (ETH) rose by 29.28% to $3,189.27, while Solana (SOL) surged 31.94% to $215.57. Dogecoin also made headlines with an 84% increase, moving into the top six cryptocurrencies by market capitalization.
As Trump supporters rally behind the idea of a crypto-friendly administration, the entire market appears to be thriving, driven by optimism for the future. For now, all eyes are on Bitcoin as it nears unprecedented highs, while FTX’s legal wrangling adds a layer of uncertainty.
Jaja has a degree in journalism and took classes in international law and business communication. Her career spans roles at prominent international media outlets, including International Business Times, Celebeat and Delightful Philippines. As a news editor, Jaja covered a wide range of beats, including legal, business, economy, cryptocurrency, personal finance, gaming, technology, and entertainment.