Bitcoin (BTC) price briefly crossed the $80,000 mark on November 10, setting a new record, according to data from CryptoSlate. Bitcoin's all-time high price comes on the heels of Donald Trump's election as president of the United States, which raised hopes of pushing for crypto regulation.
The largest cryptocurrency has gained 4.83% in the past 24 hours, hitting a high of $80,071.17 earlier today. At the time of writing, BTC is trading at $79,834.97, giving it a market capitalization of $1.58 trillion, according to data from CoinMarketCap. Ethereum also rose this week, passing the $3,000 milestone.
The price of Bitcoin has increased about 80% this year. Bitcoin prices have soared more than 15% since President Trump's victory on November 6th. Bitcoin's growth rate is also outpacing that of traditional investments such as stocks and gold.
Le Shi, Hong Kong managing director of market-making firm Auros, told Bloomberg:
“With the fallout from Trump’s victory still lingering, and given the perception that Trump is a crypto supporter, it’s only a matter of time before some sort of run-up occurs, and that’s what we’re seeing now.”
After changing his stance on cryptocurrencies, Trump made several promises to the crypto sector during his campaign. For example, he vowed to fire Securities and Exchange Commission Chairman Gary Gensler on his first day back in the White House.
President Trump also talked about creating a Bitcoin reserve fund and promised to bring in pro-crypto regulators and lawmakers. Additionally, digital asset companies and executives have invested heavily in Trump's re-election campaign and are hoping to reap the benefits if he follows through on his campaign promises. With Republicans in the majority, crypto industry executives believe it will be easier to pass pro-crypto legislation.
Binance CEO Richard Teng told the Financial Times that Trump's victory marked the beginning of a “golden age” for the cryptocurrency industry. He called Trump's success “a huge victory for cryptocurrencies.” Cryptocurrency mergers and acquisitions are also expected to increase during Trump's second term as president.
The cryptocurrency industry has certainly shown signs of optimism since Trump became president-elect. Bitcoin exchange-traded funds (ETFs) have seen huge inflows this week. iShares ETF trading volume hit an all-time high on Nov. 6, with daily net inflows to the ETF reaching nearly $1.4 billion the next day.
But Mr. Trump may face legal difficulties in fulfilling some of his promises. For example, Mr. Gensler's term ends in July 2026, and since the SEC is an independent agency, Mr. Trump does not have the authority to fire him. Furthermore, Standard Chartered analyst Jeff Kendrick told the Financial Times that the creation of a Bitcoin Reserve Fund is an “unlikely event.”
A crypto analyst who goes by the pseudonym Dr. Profit of X believes that if the market maintains its current momentum, BTC price could reach $100,000 by the end of the year.
At the time of press November 10, 2024, 7:27 PM (UTC)Bitcoin ranks #1 in market capitalization and price is rising 5.23% Over the past 24 hours. Bitcoin has a market capitalization of $1.59 trillion and a 24-hour trading volume of $69.73 billion. Learn more about Bitcoin ›
At the time of press November 10, 2024, 7:27 PM (UTC)the total cryptocurrency market value is $2.69 trillion, with a 24-hour trading volume of $182.07 billion. Bitcoin's dominance is currently 59.08%. Learn more about the cryptocurrency market ›
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