Close Menu
    Bitcoin

    Bitcoin soars past $80,000 following Trump’s reelection and supportive crypto policies

    By No Comments3 Mins Read

    30s Summary

    Bitcoin has surpassed $80,000 for the first time, due in part to Donald Trump’s reelection and his pro-crypto policies. Other digital currencies have also seen a boost. Since Trump’s win, Bitcoin’s value has increased by 15.65%. Over the course of 2024, Bitcoin has surged 80%, outperforming traditional investments like stocks and gold. Part of Bitcoin’s success is due to Bitcoin ETFs like BlackRock Inc.’s iShares Bitcoin Trust. Analysts predict Bitcoin may reach $100,000 in the not-so-distant future. Despite the positive outlook, investors are reminded of the risks involved in investing.

    Full Article

    Wow, what a milestone! Bitcoin, also known as BTC, has just surpassed the $80,000 mark for the first time ever. And this exciting event happened shortly after Donald Trump got reelected in the recent US elections.

    The day was November 10 when the cryptocurrency super star grew almost 4.5% and reached a record-breaking high of $80,116 (according to Bitstamp). Other digital currencies like Ether (ETH), Dogecoin (DOGE), and Cardano (ADA) got a boost too.

    Now, here’s something to note: During his campaign, Trump had promised to put the US at the leading edge of the crypto world. He even talked about plans to create a strategic Bitcoin reserve and put pro-crypto regulators in charge. Since Trump’s win on November 6, Bitcoin value has jumped up 15.65% and is on a roll with its best weekly performance since February.

    Looking at the bigger picture, Bitcoin’s value has rocketed about 80% in 2024. Demand for US-based exchange-traded funds (ETFs) and Federal Reserve interest rate cuts pushed it further. With this growth, Bitcoin’s doing much better than traditional investments like stocks and gold.

    A huge part of Bitcoin’s recent success is credited to certain Bitcoin ETFs like BlackRock Inc.’s $35 billion iShares Bitcoin Trust (IBIT). Case in point, IBIT saw daily net inflows nearly hit $1.4 billion on November 8 (as per Farside Investors data). And trading volume for iShares ETF was at an all-time high the day before, which shows the positive impact of Trump’s return to office on the crypto industry.

    Many top analysts are now predicting that Bitcoin’s price will reach $100K next! With its value already above $80,000, people are hopeful for a continued rise in the coming weeks, foreseeing a possible climb towards the whopping $100,000 mark.

    There’s an interesting pattern observed by Crypto Rover, who mentioned that Bitcoin often reaches new highs around 50-60 days after the US elections. If this pattern repeats itself, we could be seeing a $100,000 worth Bitcoin by January 2024.

    Looking at the figures, retail investors bought 60,000 BTC lately, BlackRock bought 1,800 BTC and only 450 Bitcoin are being mined each day. With only two million BTC left for sale on exchanges, it’s not too crazy to think that Bitcoin could reach $100,000 before the year ends, right?

    As always, remember that every investment comes with some risk and you should always do your own research before making any decisions. Playing safe is the golden rule!

    Related Posts