Donald Trump's victory has been a boost for Bitcoin. (Photo: Investopia).
According to data from CoinMarketCap, Bitcoin continued to record a surge on November 10, jumping from $77,000 to a historical high of nearly $80,000 after only 1 hour of trading. The digital currency is currently trading around $79,000.
In the past 7 days alone, Bitcoin's market price has increased by more than 15%, thereby expanding its capitalization to the 1,560 billion USD mark. Other major cryptocurrencies such as Ethereum (+30%), Solana (+27%), Binance Coin (12%), Dogecoin (+50%), XRP (+15%), Cardano (+70%) are also actively traded.
According to Bloomberg, the new President Trump's promise to make the US the center of the digital asset industry, including creating a strategic Bitcoin reserve and appointing regulators passionate about digital assets, has stimulated excitement in the market.
“The hype surrounding Trump’s victory has not yet died down. It was only a matter of time before the crypto market exploded as everyone assumed the US president was a crypto supporter. The result is what we are seeing now,” said Le Shi, CEO of Hong Kong-based market maker Auros.
Bitcoin price shows no signs of cooling down. (Photo: CoinMarketCap).
Bitcoin is up about 90% in 2024. Not only thanks to strong demand for exchange-traded funds (ETFs) or interest rate cuts by the Federal Reserve (Fed), the election also played a role in boosting the value of the digital currency.
ETFs backed by BlackRock’s $35 billion iShares Bitcoin Trust saw daily net inflows hit a record $1.4 billion on Oct. 7. The day before, iShares ETF trading volume also spiked to an all-time high.
Mr. Trump's stance contrasts with the crackdown on digital assets under former President Joe Biden.
At the time, Securities and Exchange Commission (SEC) Chairman Gary Gensler repeatedly labeled the sector as riddled with fraud and misconduct. The agency cracked down on crypto following the 2022 market crash and a series of bankruptcies, most notably Sam Bankman-Fried’s fraudulent FTX exchange.
“Trump’s promise to introduce pro-digital asset regulation and wins in the House and Senate increase the likelihood of crypto bills passing,” said Noelle Acheson, author of the Crypto Is Macro Now newsletter.
Source: https://vtcnews.vn/bitcoin-tiep-tuc-pha-ky-luc-tien-sat-moc-80-000-usd-ar906613.html
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