- Bitcoin’s price surged past $97,000, nearing $100K amid post-election optimism.
- Crypto stocks and ETFs attracted massive inflows, reflecting soaring investor interest.
As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed my fair share of bull and bear runs. However, the current surge in Bitcoin’s price is unlike anything I’ve seen before. The post-election optimism, coupled with the influx of interest in crypto stocks and ETFs, paints a picture of an unprecedented market momentum.
At the moment of reporting, Bitcoin (BTC) was being traded at an impressive $97,335.22, representing a 5.14% increase in the previous 24 hours. This upward trend in BTC’s value seems to persist after Donald Trump was elected as the 45th president of the United States.
As per CoinMarketCap’s data, Bitcoin experienced a rise of more than 8% during the previous week and an astonishing increase of approximately 43% in the past month.
The unyielding surge in the value of cryptocurrencies is steadily bringing them near the significant threshold of $100,000, as market enthusiasm grows due to the anticipation of a more favorable regulatory climate for digital currencies under the Trump administration.
Bitcoin Trump effect
It’s noteworthy that the rise in crypto prices occurred at a time when supportive legislators for cryptocurrencies were elected to Congress. This has fueled hope that positive changes in regulations might occur, potentially boosting the pace of growth in the cryptocurrency market even more.
Remarking on the same, IG Markets analyst Tony Sycamore said,
“While it’s now firmly into overbought territory, it is being drawn toward the $100k level.”
However, not everyone attributes Bitcoin’s new all-time high solely to Trump’s victory.
In a contrasting viewpoint, Jesse Myers, the co-founder of OnrampBitcoin, pointed out an alternative angle.
Indeed, the new administration that’s Bitcoin-friendly has served as a significant trigger…However, it’s essential to note that the primary focus should be on the fact that we’re well over six months since the halving event.
Trump’s impact on Bitcoin ETF
Following the election, there was a substantial increase in investments flowing into Bitcoin Exchange-Traded Funds (ETFs), indicating a growing curiosity among investors.
Based on information from Farside Investors, a total of $773.4 million flowed into Bitcoin Exchange-Traded Funds (ETFs) by the 20th of November. This inflow indicates significant investor interest in these funds.
As a researcher examining post-election trends, I’ve observed an impressive influx of funds into U.S.-based Bitcoin Exchange Traded Funds (ETFs), exceeding $4 billion. This surge in investment suggests a strong and persistent appetite for these digital assets.
In simpler terms, the Bitcoin ETF by BlackRock (IBIT.O) had an impressive start in the options market as well. More investors opted for call options, which suggest they are optimistic about the increase in Bitcoin’s value, compared to those who chose put options, indicating a bearish stance on its price.
This surge underscores the growing appeal of Bitcoin-related financial products among investors.
Crypto stocks were not left unaffected
Furthermore, as Bitcoin’s value surges, investments in cryptocurrency-linked stocks are experiencing significant profits.
Overnight, shares of notable Bitcoin mining company MARA Holdings experienced a significant jump of approximately 14%, indicating robust investor interest within the sector.
Just like MicroStrategy, which is notable for its substantial Bitcoin purchases even while operating at a loss as a software firm, experienced a 10% increase in share price, thereby propelling its market value beyond the $100 billion threshold.
These advancements underscored how Bitcoin’s rise significantly affected the overall cryptocurrency market and related stocks.
Given Bitcoin’s rapid increase in value, Tom Lee, a strategic investor and analyst at Fundstrat, articulated this well when he stated that…
“I think comfortably over $100K makes sense before the end of this year.”
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2024-11-21 14:32