Bitcoin approaches $80,000.

Bitcoin unexpectedly experienced a sharp price surge, rising nearly 3.4% and approaching the $80,000 mark per coin.

According to data from   CoinMarketCap,   Bitcoin reached a new record high of $79,771 per unit before slightly declining and returning to trading around that level.   nearly $79,400 at 5 PM.

Overall this past week, the cryptocurrency has accumulated nearly 17% , its highest level since February, thereby expanding its market capitalization.   $1.57 trillion . Compared to the beginning of the year, the value of this cryptocurrency has doubled.

Bitcoin's price has been rising steadily since Donald Trump's election as US president and the Federal Reserve's 25-basis-point interest rate cut. Both events are seen as positive in the eyes of cryptocurrency traders.

On the market, most cryptocurrencies were in the green over the weekend. Other major cryptocurrencies also surged, such as Ethereum up 30%, Solana up 25.6%, and Binance Coin up 13.3%.

Le Shi, CEO of Auros (Hong Kong), said the above.   Bloomberg   He stated that the euphoria from Trump's victory had not yet subsided. "It's only a matter of time before the cryptocurrency market explodes, as everyone assumes the US President is a supporter of this currency," he predicted.

Furthermore, the Fed's interest rate cut further reinforced the trend of monetary easing in major economies . The Bank of England just lowered interest rates by 25 basis points (0.25%), while Sweden eased its benchmark interest rate by half a percentage point (0.5%).

In his first statement since Trump's victory, Powell said the US election results "have no impact" on the Fed's policymaking in the short term. This helped quell concerns that Trump might indirectly interfere and cause the central bank to reverse its monetary policy. This move helped support financial markets.

According to   According to CoinDesk , the upward trend in cryptocurrencies could continue. The sharp price increase over the weekend is a sign that retail investors are showing interest and driving the market.

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