Post-Trump victory: Bitcoin hit $80,000 mark, other cryptos show promising trend

4 weeks ago 12

Following the US election, Bitcoin has reached the $80,000 price level. The crypto asset set the record on Sunday after reaching its highest point ever, further strengthening analyst forecasts that the asset might surpass $100,000 before the year runs out. 

Recall that we reported on Wednesday that Bitcoin (BTC) reached a new all-time high of just above $75,000 on crypto exchanges. Following Donald Trump’s pile of votes, Binance, Coinbase, and other crypto exchanges in Asia started to witness a rise in prices in the early hours of Wednesday. Bitcoin rose over 7% in Asia. 

Bitcoin hit map showing the trends of its recent growthBitcoin hit map showing the trends of its recent rise

According to crypto experts, Trump is expected to roll out pro-crypto policies and regulatory frameworks for the digital currency industry. 

Currently, Bitcoin is exchanging for $81,282 after rising from the $80,000 mark it crossed some hours ago. The crypto asset has still been up 4.1% in the last 24 hours. Donald Trump’s victory continues to have a positive effect on various Bitcoin ETFs and other crypto-related stocks.

20amBitcoin exchange value as at Monday, November 11. 10:20am

Donald Trump’s Victory: Bitcoin, others to gain more strength

After the crypto-friendly Republican election victory, the crypto market is set to gain more strength following his plans during his election campaign. 

At a Bitcoin conference in Nashville, Donald Trump expressed that he was going to make the United States the crypto capital of the world. As part of his plans, he pointed out the possibilities of establishing a crypto reserve which will be used to cover the United States’ $36 trillion debt. 

In addition, he also revealed his plans to fire the United States Securities and Exchange Commission chief, Gary Gensler if he is elected over his unclear and stringent policies for the crypto industry. However, Gensler has been rumored to be on his way out before Donald Trump’s inauguration next year.

Last week, Blackrock’s iShares Bitcoin Trust ETF (IBIT) reached a record high after it rose to 11 per cent. The current Bull rally sweeping through the crypto market also reflects on Bitcoin ETF products and Stocks. The Biggest Bitcoin ETF product run by Blackrock recorded positive numbers as a result of the Bull Rally.

Bitcoin rises by 43% in January 2023, here is what crypto traders should do 

It’s no surprise that Bitcoin has smashed its all-time high by nearly $7,000 after hitting the $80,000 mark. It’s also $20,000 shy of the $100,000 mark predicted by crypto experts to become a reality by the end of 2024. The Bitcoin coinbase premium index earlier turned positive and jumped to 0.06, the highest since Sept. 14, according to data tracked by analytics firm CryptoQuant. 

Dogecoin (DOGE) has been up nearly 20 per cent since last week, extending 30-day gains to over 65 per cent, making it the best-performing major token. DOGE has recorded a high figure with over $30 million in short liquidations in the past 24 hours. Its open interest – the number of unsettled futures bets – has reached 8.30 billion tokens as of Wednesday compared to 7 billion tokens on Monday.

On Ethereum, DOGE tokens are at 77 per cent in the past 24 hours and are up 500 per cent since a CoinDesk analysis first flagged demand for the meme coin among some traders. Sector tokens have gained 16 per cent on average, beating a 7.2 per cent rise in the broad-based CoinDesk’s majors index.

Dogen Rockets 1,200% on Trump Winning US Election News, BTC Eyes New ATH, Uniswap Faces Bearish Sentiment

Ethereum, the second largest crypto asset by market capitalization is not left out in the Bull run. The crypto asset also surged by 2.5 percent crossing the $3,000 mark but is still below its all-time high of $4,878.

In traditional markets, the dollar index, which tracks the greenback’s value against major fiat currencies, jumped 1.3 per cent to 104.80, reaching the highest since July 30, according to data source TradingView. The yield on U.S. 10-year Treasury notes jumped 16 basis points to 4.44 per cent.

Also Read: Bitcoin, Dogecoin, others soar high after Donald Trump’s early lead, victory.

The post Post-Trump victory: Bitcoin hit $80,000 mark, other cryptos show promising trend first appeared on Technext.

Read Entire Article