Bitcoin Breaks $85,000 Amidst Post-Election Surge

November 12, 2024

Digital Assets Unicorn News - November 12, 2024

Bitcoin has reached an all-time high, surpassing $85,000 following Donald Trump's re-election. The cryptocurrency's rally is driven by investor optimism and the influence of newly approved Bitcoin ETFs. Explore how Trump's pro-crypto policies are impacting the market and what this means for the future of digital assets.

Bitcoin has reached a historic milestone by surpassing the $85,000 mark for the first time on November 11, 2024. This unprecedented surge in Bitcoin's value coincides with Donald Trump's victory in the 2024 US presidential elections, marking his second term. The rally, which began on November 4, has been driven by a bullish sentiment among investors who are increasingly seeking risk-on assets like Bitcoin. Analysts are optimistic about Bitcoin's future, suggesting that it could potentially reach $100,000 before the end of the year. This optimism is fueled by high implied volatility in the derivatives market and significant open interest in futures markets. The approval of Bitcoin exchange-traded funds (ETFs) by US market regulators in January has played a crucial role in this rally. Inflows from US spot Bitcoin ETFs, including those from BlackRock, have significantly contributed to the price increase. Notably, $1 billion worth of volume was reported in the first minutes of post-election trading on November 6, underscoring the impact of these financial instruments. Additionally, Trump's pro-crypto stance, which includes promises of minimal regulation and cheaper energy for mining, has created a favorable environment for Bitcoin's growth. This has attracted both individual and institutional investors, with crypto-related companies like Riot Platforms and Coinbase experiencing substantial increases in their stock values since Election Day, reflecting the broader trend of growth in the cryptocurrency sector.

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