Bitcoin approaches $80,000

Bitcoin suddenly had a sudden price jump when it increased by nearly 3.4%, approaching the mark of 80,000 USD per coin.

According to data from CoinMarketCap, Bitcoin hit a new record price of $79,771 per unit, before falling slightly and returning to trading around the same range. nearly 79,400 USD at 5pm.

Overall, the cryptocurrency has gained nearly 17% over the past week , its highest level since February, expanding its market capitalization to 1,570 billion USD . Compared to the beginning of the year, the value of this digital currency has doubled.

Bitcoin's price has been rising steadily since Donald Trump was elected president of the United States and the Federal Reserve cut interest rates by 25 basis points. Both events were seen as positive by cryptocurrency traders.

In the market, most digital currencies were green at the end of the week. Other major cryptocurrencies also increased, such as Ethereum 30%, Solana 25.6%, Binance Coin 13.3%.

Le Shi, CEO of Auros (Hong Kong) said above Bloomberg that the euphoria from Mr. Trump’s victory has not yet subsided. “It was only a matter of time before the crypto market exploded as everyone assumed the US President was a supporter of the currency,” he said.

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

In his first comments since Trump’s victory, Powell said the election results “have no impact” on the Fed’s policymaking in the short term, helping to quell concerns that Trump could indirectly influence the central bank to reverse its monetary policy. The move helped to support financial markets.

According to CoinDesk , the cryptocurrency's bullish momentum can still be maintained. Because the strong price increase over the weekend is a sign that retail investors are interested and driving the market.

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