On May 1, Bitcoin’s price exceeded $97,000 after a lull of more than two months.
Nonetheless, the value of Bitcoin is still 10% lower than the all-time high (ATH) of $108,786 that the asset hit on Jan. 20. Donald Trump assumed the office of the U.S. President for the second time on the same day.
A shift toward a pro-crypto policy was a significant plank in Trump’s 2024 presidential campaign. Once he won the election on Nov. 5, 2024, Bitcoin began rallying and hit its record high on the inauguration day.
Trump geared toward an aggressively pro-crypto policy once he assumed office and signed an executive order on March 6 to establish a strategic Bitcoin reserve. We also saw the Securities and Exchange Commission (SEC) dropping the securities violations cases against crypto exchanges such as Kraken and Coinbase.
Such strong measures led to a bull run for Bitcoin and the broader crypto market. However, as crypto got further entangled with the traditional market, Trump’s tariff escalations led to a dramatic sell-off in the crypto market.
Bitcoin began to slip from the $87,000 level on Apr. 2 when Trump escalated the tariff war, and the asset couldn’t scale back to the level until Apr. 21.
Since then, Bitcoin has been ascending the charts and finally exceeded $97,000 on May 1.
As per Kraken’s price feed, the asset was trading at $97,246.04 at press time. The crypto market cap reached $3.14 trillion on May 1, 1.5% up in a day.
