- By Aditya Pratap Singh
- Tue, 12 Nov 2024 09:08 AM (IST)
- Source:JND
Bitcoin Price Today: After Donald Trump was elected as President of the United States, Bitcoin has been breaking new records for its all-time high every day. The valuation of the cryptocurrency has soared past $89,000, pushing the overall valuation of the cryptocurrency market above its peak during the pandemic. Since the results of the U.S. presidential election were announced on November 5, the largest cryptocurrency token has increased by nearly 30% and reached an all-time high of $89,599 on Tuesday morning. However, it later slipped from its peak.
Trump may introduce pro-crypto regulations
Trump has promised regulations that are friendly to cryptocurrency and his Republican Party is tightening its grip on Congress to advance their agenda. Other promises include the establishment of a U.S. strategic Bitcoin reserve and the promotion of domestic mining of tokens. Donald Trump’s stance is a significant change from the crackdown on the controversial industry by the Securities and Exchange Commission under the administration of President Joe Biden. This shift has fueled speculative purchases of large and small tokens. This has pushed the value of digital assets to approximately $3.1 trillion according to CoinGecko.
Bitcoin could surge past $100,000
According to data from the Deribit exchange, investors in the options market are betting that Bitcoin will exceed $100,000 by the end of the year. Meanwhile, software firm MicroStrategy Inc., the largest publicly traded corporate holder of bitcoin outside the exchange-traded fund sector, bought approximately 27,200 bitcoins between October 31 and November 10 for approximately $2 billion. Traders are paying less attention to questions like how quickly Trump will implement his agenda or whether a strategic reserve is a realistic move.
Bitcoin price has surged by more than 100% this year
Bitcoin has more than doubled so far in 2024, with strong demand for dedicated U.S. ETFs and the Federal Reserve’s interest rate cuts helping. The surge in the token has outperformed returns from investments such as global stocks and gold.
Digital asset companies spent heavily during the U.S. presidential campaign to promote candidates favourable to their interests. Against this backdrop, Trump turned around and became a supporter of an industry that he had once called a scam. His support has turned Bitcoin into a chain of alleged Trump trades.
