opinion

‘Trump pump’ is over: Markets are returning to normal

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By TradingView
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‘Trump pump’ is over: Markets are returning to normal teaser image

For a brief moment, everyone on the planet who owned Bitcoin was in profit — the token surpassed $93,000 for the first time in history. However, over the past few days, OG coin took a breather, with prices dipping to $87,500.

 

Bitcoin prices pulled back from their record-breaking run, dropping below $88,000. It seems that some profit-taking occurred (well deserved, crypto holders) after the original cryptocurrency hit an all-time high of over $93,000 on November 13. By early Friday trading, Bitcoin was around $87,500, down roughly 8% from its peak.

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Dogecoin also lost some of its momentum but with more intensity. The Shiba Inu-themed coin has fallen by 20% from its recent high of over 40 cents, now trading at 37 cents.

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Dogecoin surged earlier this week after Donald Trump announced the creation of the Department of Government Efficiency, “DOGE”, and appointed Elon Musk as its head.

 

Donald Trump brought a wave of optimism back to the crypto market. Traders were hopeful that he would favor cryptocurrencies if he returned to the White House. Though Trump previously called Bitcoin a “scam against the dollar”, he softened his stance during the U.S. presidential campaign, engaging with the crypto community and appearing at industry events. This shift fueled expectations that he might relax regulations, making it easier for everyday investors to buy Bitcoin and other cryptocurrencies — though he has yet to outline any specific policies.

 

Thanks to recent record highs, the overall crypto market cap surpassed $3 trillion, with the major tokens seeing significant gains. Ethereum surged above $3,400 before easing to around $3,200 in early trading today, while Solana climbed above $220.

 

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Now, we just have to see if Trump can back up his promises and, with Congress's support, push the digital asset industry to new heights. Against this backdrop, the recent pullback is good news for those seeking a sustained, long-term rally. With less hype and a few healthy corrections, analysts believe the digital asset market could grow more organically and maintain its upward trend.

 

Since his victory became apparent, Trump’s influence has spread across global markets. The election impacted traditional currency markets, individual stocks — most notably Elon Musk’s Tesla — and broader U.S. equity markets, as investors bet on deregulation and tax cuts under Trump’s leadership.

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TradingView

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U.S. equity marketsBitcoincryptoTrump
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