Bitcoin reached a new all-time high of $81,727 on November 11, driven by a bullish market response to Donald Trump’s victory in the U.S. presidential election. The cryptocurrency surged more than 6% in a single day, fueled by Trump’s pro-crypto policies and his strong backing from crypto-friendly lawmakers.
Trump’s victory has ignited optimism in the digital asset market, with many traders anticipating favorable regulatory changes that could benefit Bitcoin and other cryptocurrencies. His previous promises to establish a Bitcoin stockpile and appoint crypto-friendly regulators have further fueled this sentiment. In addition, his broader economic policies focused on growth and tax reductions have boosted confidence across multiple asset classes, including both traditional investments and digital currencies.
Bitcoin’s surge also coincides with record inflows into Bitcoin-focused exchange-traded funds (ETFs), such as BlackRock’s iShares Bitcoin Trust, which recently saw nearly $1.4 billion in net inflows. The cryptocurrency has gained an impressive 92% in 2024, significantly outperforming traditional assets like stocks and gold.
The positive outlook for Bitcoin is further reflected in the Crypto Fear and Greed Index, which hit its highest “Extreme Greed” level in seven months on November 11, scoring 76 out of 100. This marks the highest score since April, when Bitcoin was priced at around $70,000, indicating growing investor confidence.
Analysts predict that, with Trump’s pro-crypto stance and the potential for a more supportive SEC, Bitcoin could continue its upward trajectory in the coming months, possibly reaching new heights before Trump’s inauguration in January 2025.
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