As a seasoned crypto investor with a knack for spotting trends and navigating market volatility, this latest surge in Bitcoin’s price to $85,000 has me grinning from ear to ear. I remember when I first bought my Bitcoins back in 2013 at around $140 each, and here we are now, just a few short years later, and the price is breaching new all-time highs. It’s like watching a rocket ship take off!
As a crypto enthusiast, I’ve just witnessed an incredible milestone – Bitcoin crossed the historic $85,000 threshold for the very first time! This could be a sign that we might see it breach the six-figure mark by 2025. Incredible times we live in!
At 6:41 PM UTC, the value of one Bitcoin (BTC) reached an unprecedented peak of $85,000 according to CryptoMoon’s data.
The new all-time high comes a week after former President Donald Trump won the 2024 elections in the United States, securing his second term in office.
Reaching the significant milestone of $100,000 for a Bitcoin price is nearly within reach, as it currently sits only 17.6% shy of this level, given its recent record high at approximately $85,000. This potential achievement might occur before the year 2024 concludes.
Trump victory puts Bitcoin on track to $100k before end of year: analyst
Trump’s triumph sparked an increase in optimism among investors, leading to a rising interest in high-risk assets such as Bitcoin. This digital currency has been surging ever since the Republican election win.
As per the analysis by Ryan Lee, the head researcher at Bitget, the results of the U.S. election might trigger Bitcoin’s price to soar beyond $100,000 before 2020 comes to a close.
According to the analyst speaking to CryptoMoon, the indicators in the derivatives and futures markets indicate that traders are preparing for a significant price fluctuation in Bitcoin, as they believe there will be increased volatility.
“Additionally, with the market capitalization of stablecoins hitting a new high and fluctuating around $160 billion, there is room for significant leverage in the market, potentially pushing BTC to reach $100,000 within the next three months.”
In the coming term, Trump’s presidency is viewed as beneficial for the cryptocurrency sector, primarily because it’s anticipated that there will be more transparent cryptocurrency regulations that encourage advancements in blockchain technology.
In tandem with Donald Trump’s presidency, the Republican Party gained a majority hold over the Senate. This situation was described by Coinbase CEO Brian Armstrong as having “the most pro-cryptocurrency Congress in history.
Stakeholders within the crypto sector express optimism towards potential regulations from the newly appointed Senate that foster innovation in the financial tech and digital currency sectors. This includes Andrey Lazutkin, the CTO of Tangem Wallet, who voiced his sentiments to CryptoMoon.
“Republican Senate would likely prioritize innovation-friendly and industry-supportive policies for the crypto space, creating an environment where US-based crypto companies might operate with greater confidence and less regulatory friction.”
Additionally, inflows from U.S. Bitcoin exchange-traded funds (ETFs) are also playing a role in Bitcoin’s price increase. For instance, BlackRock’s Bitcoin ETF recorded $1 billion in volume just minutes after the election trading began, according to CryptoMoon on November 6th.
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2024-11-11 21:52