Excitement over Trumps win pushes Bitcoin price above $80k
Bitcoin (BTC) price hit a new record on Nov. 10 by briefly crossing the $80,000 mark, data from CryptoSlate shows. Bitcoins all-time high price comes at the heels of Donald Trump winning the U.S. elections, which instilled hope of pro-crypto regulations.
The largest cryptocurrency climbed 4.83% over the past 24 hours, peaking at $80,071.17 earlier today. At the time of writing, BTC is trading at $79,834.97 with a market cap of $1.58 trillion, CoinMarketCap data shows. Ethereum has also made gains this week, crossing the $3,000 mark.
Bitcoins price has grown by around 80% this year. Since Trumps win on Nov. 6, Bitcoin price has shot up by over 15%. Bitcoins growth has also outpaced those of traditional investments like stocks and gold.
Le Shi, Hong Kong managing director at market-making firm Auros, told Bloomberg:
With the dust from Trumps victory still settling down, it was only a matter of time before a run-up of some sort occurred given the perception of Trump being pro-crypto, and thats what were seeing now.
After changing his stance on crypto, Trump made several promises to the crypto sector during his campaign. For instance, he vowed to fire the U.S. Securities and Exchange Commission (SEC) chairperson Gary Gensler on his first day back at the White House.
Trump also talked about creating Bitcoin reserves and has promised to bring in pro-crypto regulators and lawmakers. Moreover, digital asset firms and executives invested heavily in Trumps re-election campaign and they are now hoping to reap the rewards as Trump fulfills his promises. With the Republicans holding majority, crypto executives believe pro-crypto legislation to pass through more easily.
Binance CEO Richard Teng told the Financial Times that Trumps victory marks the start of a golden era for the cryptocurrency industry. He called Trumps success a big win for crypto. Crypto mergers and acquisitions are also expected to increase during Trumps second presidency.
The crypto industry has indeed shown signs of optimism since Trump became the president-elect. Bitcoin exchange-traded funds (ETFs) bagged massive inflows this weekiShares ETFs trading volume reached an all-time high on Nov. 6 while a day later daily net ETF inflows reached nearly $1.4 billion.
However, Trump may face legal difficulties in delivering some of his promises. For instance, Genslers term ends in July 2026 and the SEC is an independent agency, meaning Trump does not have authority to fire him. Besides, Geoff Kendrick, an analyst at Standard Chartered, told the Financial Times that the creation of a Bitcoin reserve fund is a low-probability event.
Crypto analyst who goes by the pseudonym of Doctor Profit on X believes that if the market holds to the current momentum, BTC price could reach $100,000 by the end of the year.
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Text source: CryptoSlate
