Bitcoin Hits New Record High Amid Post-Election Surge
Bitcoin has surged to a new all-time high of over $81,000, marking a significant milestone for the cryptocurrency as it experiences a strong upward momentum following Donald Trump’s victory in the presidential election. Shortly after noon GMT on Sunday, the digital currency surpassed the $81,000 mark, building upon its recent ascent that saw it reach $75,000 just days earlier. This latest surge eclipses its previous peak of $73,797.98, set earlier this year in March.
The cryptocurrency’s rally has been attributed to growing optimism that Trump, who is regarded as a pro-crypto candidate, will loosen regulations surrounding digital currencies. In an analysis, Charles Morris from investment firm ByteTree commented on the shifting landscape, stating, “The odds that Bitcoin and crypto will become a significantly larger asset class have risen markedly.”
Echoing this sentiment, Stephane Ifrah from French crypto asset management company Coinhouse predicted that the bullish trend for Bitcoin is likely to continue for the foreseeable future, suggesting a potential target of $100,000. Trump’s recent election win has been seen as favorable for Bitcoin and cryptocurrency markets, especially in contrast to his opponent, Kamala Harris.
During his first term, Trump referred to cryptocurrencies as a scam but has since shifted his stance dramatically. He recently launched his own digital currency platform, World Liberty Financial, and has expressed intentions to position the United States as the “bitcoin and cryptocurrency capital of the world.” Furthermore, he has proposed appointing tech billionaire Elon Musk to oversee a comprehensive audit of government spending.
The previous administration’s tax cuts contributed to increased market liquidity, which in turn fueled interest in high-growth assets like cryptocurrency. However, the launch of Trump’s digital currency initiative faced challenges earlier this month, with only a small fraction of its tokens selling successfully.
The cryptocurrency sector has frequently made headlines, notorious for its volatility and the recent downfall of major industry players, including the FTX exchange. Notably, in the lead-up to the election, Trump purportedly became the first former president to utilize bitcoin for a transaction, buying burgers at a restaurant in New York City, a purchase that was celebrated as a “historic transaction.”
Bitcoin trading remains active and continuous, even on Sundays, reflecting the ongoing interest and engagement in the cryptocurrency market.
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