Bitcoin

Momentum

As Bitcoin (BTC) flirts with a record high, nearing $90,000, the market buzz centers around the “Trump Trade.” Reports suggest that Donald Trump, now president-elect, is strongly considering Scott Bessent for the role of U.S. Treasury Secretary. Known for his crypto-friendly stance, Bessent could be a game-changer for Bitcoin, pushing prices toward $100,000 or even beyond. 
<a href="https://www.qubetics.com/?utm_source=TBJ&amp;utm_medium=postBANNER" target="_blank" rel="noopener nofollow"><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-67567 aligncenter" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/11/Qubetics-is-728x90-1-3.jpg" alt="Bitcoin Continues to Soar: What's Fueling This Latest Rally? = The Bit Journal" width="728" height="90" title="Bitcoin Continues to Soar: What's Fueling This Latest Rally? 51"></a> 
<h2 id="trump-s-treasury-pick-bessent-takes-the-spotlight">Trump’s Treasury Pick: Bessent Takes the Spotlight</h2> 
Scott Bessent, founder of the Key Square Group hedge fund, appears to be the frontrunner for the U.S. Treasury Secretary role under Trump’s administration. According to data from Polymarket, Bessent’s odds of being selected have climbed to 87%. With his background as a major fundraiser for Trump’s campaigns, Bessent’s appointment could spark an even greater BTC rally. His affinity for crypto might signal a future government supportive of digital assets, driving optimism among Bitcoin investors. 
Bessent’s nomination has massive implications for the crypto market. Other potential Treasury candidates include John Paulson, Robert Lighthizer, and Howard Lutnick. However, recent rejections by former Treasury Secretary Steven Mnuchin and JPMorgan’s CEO Jamie Dimon have elevated Bessent’s chances. Bitcoin, currently hovering around $89,464, has surged more than 30% since Trump’s victory, and if Bessent assumes the Treasury role, BTC may swiftly reach $100,000. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-68553 aligncenter" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/11/screenshot-polymarket_com-2024_11_12-12_05_54.webp" alt="Bitcoin Continues to Soar: What's Fueling This Latest Rally? = The Bit Journal" width="851" height="431" title="Bitcoin Continues to Soar: What's Fueling This Latest Rally? 52"> 
<h2 id="bitcoin-friendly-and-altcoin-supportive-bessent-s-crypto-stance">Bitcoin-Friendly and Altcoin-Supportive: Bessent’s Crypto Stance</h2> 
Scott Bessent is notably supportive of Bitcoin and the broader crypto ecosystem. His recent comments reflect a belief in crypto’s future in the U.S., stating, “With Bitcoin, we’re bringing in a new generation to the market who previously hadn’t participated. Building a market culture that people believe works for them is at the heart of capitalism in America.” 
<a href="https://thebitjournal.com/vanecks-pyth-etn-ignites-opportunities-for-european-investors/" target="_blank" rel="noopener">VanEck’s</a> Head of Crypto Research, Matthew Sigel, has voiced similar sentiments, calling Bessent a “revolutionary choice as Treasury Secretary, independent of fiat loyalty.” BTC’s surge in value in the past 24 hours alone, up by over 10%, is a testament to the high interest among investors. Trading volumes have spiked by 77%, reflecting intense market enthusiasm as Bitcoin trades between $80,818 and $89,859. 
<h2 id="record-high-btc-futures-market-momentum-continues">Record High BTC Futures: Market Momentum Continues</h2> 
The latest Coinglass data reveals a consistent rise in BTC futures open interest (OI), reaching new record highs. Within the last 24 hours, open positions in BTC futures climbed 11%, amounting to 607.56K BTC valued at $54.50 billion. Analysts see this as a positive signal supporting Bitcoin’s upward trend, suggesting a sustained interest from traders betting on future gains.<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-68551 aligncenter" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/11/screenshot-www_coinglass_com-2024_11_12-12_42_18-1224x452-1.webp" alt="Bitcoin Continues to Soar: What's Fueling This Latest Rally? = The Bit Journal" width="1224" height="452" title="Bitcoin Continues to Soar: What's Fueling This Latest Rally? 53"> 
The crypto landscape continues to evolve rapidly, with Bitcoin’s story far from complete. With Bessent poised for a significant role, the market awaits further developments. Whether BTC hits new highs or faces hurdles, The Bit Journal will keep you updated on every major move. 
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Bitcoin Continues to Soar: What’s Fueling This Latest Rally?

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