As an experienced analyst with a background in global economics and finance, I find myself intrigued by the current surge of Bitcoin towards the $77,000 mark, driven by post-election bullish sentiments and improved economic policy expectations in the United States under President Trump’s leadership.
The price of Bitcoin is approaching $77,000, fueled by a surge of optimistic investments into Bitcoin-linked assets following Donald Trump’s election win. This trend is propelled by anticipation of enhanced U.S. economic policies.
On November 8th, just two days following Donald Trump’s victory in the U.S. election, the Bitcoin price almost surpassed $77,000, triggering a fresh surge of interest among investors eager to invest in high-risk assets.
Based on a research note published by trading firm QCP Capital on November 8th, the enthusiasm among investors for a potential Republican presidency victory might propel Bitcoin’s value beyond $77,000, according to the firm’s analysis.
“Unprecedented net inflows of $1.38 billion into BTC spot ETFs yesterday, coupled with optimism from Trump’s victory and a widely anticipated 25 bps Fed cut, have propelled BTC to $77,000 early this morning.”
Bitcoin rose to an all-time high of $76,999 at 8:15 pm UTC on Nov. 7, CryptoMoon data shows.
Further investments into Bitcoin exchange-traded funds (ETFs) might drive Bitcoin prices to a never-seen-before peak, as suggested by patterns from past bull markets following Bitcoin’s halving events. It’s anticipated that this post-halving bull market could persist until the third quarter of 2025.
According to the predictions made by the head analyst at Bitget Research, Bitcoin could potentially surpass $100,000 by the year 2024.
Bitcoin to overtake other risk assets on China tariff fears?
Bitcoin could outperform other risk-on assets like gold and traditional equities.
This situation partially arises due to the anticipated 60% tariff on goods imported from China by Trump, as suggested in a research note by QCP.
“As markets consider Trump’s proposed 60% tariff on China and fiscal concerns like the rising national debt, we expect BTC to carry less risk premium compared to equities, potentially positioning it to outperform other risk-on assets.”
Trump has suggested imposing a substantial tariff hike of up to 60% on goods imported from China, marking a significant rise from the 7.5% to 25% rates he implemented during his initial term.
Record inflows for Bitcoin ETFs post-election
As a crypto investor, I experienced an unprecedented surge in Bitcoin ETF inflows the day following Donald Trump’s election victory, marking a record high in net inflows.
On November 7th, data from Farside Investors indicates that a total of approximately $1.37 billion flowed into U.S.-based Bitcoin ETFs due to net inflows.
As a researcher, I’ve observed that post-election, there seems to be a surge of investor optimism. This optimism could potentially drive an upward trend in the purchase of stocks and Exchange Traded Funds (ETFs), as suggested by insights from QCP Capital.
“This sustained bullishness in BTC could also create a feedback loop, with rising ETF inflows boosting BTC prices, which, in turn, attracts more retail capital and systematic fund buying as volatility declines.”
Enhancing one’s inclination towards high-risk assets might potentially lead Ether (ETH) to surpass $3,200 in the near future, aided significantly by growing inflows into Ether ETFs, according to insights shared by analysts with CryptoMoon.
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2024-11-08 15:23