BTC price approached a new all-time high (ATH) of $90,000 today amid the ‘Trump trade’. President-elect Donald Trump’s leading choice for US Treasury Secretary Scott Bessent could propel the Bitcoin rally to $100,000 and above. The odds of Bessent becoming Treasury Secretary have risen to 87%, according to prominent investor Bessent.
Trump to nominate Scott Bessent as US Treasury Secretary
Key Square Group hedge fund founder Scott Bessent is likely to be the next US Treasury Secretary. Donald Trump’s odds of nominating Bessent as Treasury Secretary increased to 87% today, according to Polymarket data. The head of the US Treasury Department will be elected this week, and crypto-friendly Scott Bessent is the leading candidate for the position. It is important to note that Bessent is the biggest fundraiser for Trump’s presidential campaigns. His nomination could trigger a further rally in BTC prices. Donald Trump is forming a pro-crypto administration.
Other potential candidates for the US Treasury Secretary position are John Paulson, Robert Lighthizer, and Howard Lutnick. More recently, former Treasury Secretary Steven Mnuchin and JPMorgan CEO Jamie Dimon have declined to join the Trump administration. Bitcoin has seen an impressive rally of over 30 percent since Donald Trump’s election victory. It is currently approaching $90,000 amid Trump trading, and if Scott Bessent is appointed Treasury Secretary, the BTC price could soon reach $100,000.
Bessent is a Bitcoin and altcoin ally
Bessent is very crypto-friendly, especially towards Bitcoin. His recent statements on Bitcoin and crypto suggest that the crypto industry has a bright future in the US. “I think everything is on the table with Bitcoin. One of the most exciting aspects of Bitcoin is that it attracts young people and people who have not been in the markets before. Developing a market culture that makes people believe in a system that works for them is central to capitalism in the US,” Bessent says.
Matthew Sigel, head of crypto asset research at VanEck, believes a new all-time high is on the horizon. He also said Bessent was “a groundbreaking choice to appoint a Fiat-agnostic CFO.” Bitcoin is up more than 10 percent in the last 24 hours, as it is still undervalued, and is currently trading at $89,464. The 24-hour low and high are $80,818 and $89,859, respectively. Volume is also up 77 percent in the last 24 hours, indicating a strong interest among traders.
BTC futures open interest continues to reach new ATH levels, according to Coinglass data. Total BTC futures open interest (OI) is up 4 percent in 4 hours and 11 percent in 24 hours. The 607.56K BTC futures OI is currently valued at $54.50 billion. According to analysts, this signals support for further increases in BTC price.
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