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Bitcoin has reached unprecedented heights, soaring to nearly $90,000 in the wake of Donald Trump’s election as President of the United States. The cryptocurrency surged by 27.89% since November 5, closing at an all-time high of $88,701.49 on November 11, 2024. As of November 12, it was trading at approximately $87,828.39, reflecting a significant increase in investor confidence following Trump’s electoral success.
The crypto market is reacting positively to expectations that Trump’s administration will adopt a more favorable stance towards cryptocurrencies. Historically skeptical about digital currencies, Trump has shifted his position during his 2024 campaign, promising to keep the crypto market largely unregulated and to make energy cheaper for cryptocurrency mining.
Trump’s newfound enthusiasm for cryptocurrency is also linked to his financial interests; he and his children launched a new crypto business called World Liberty Financial earlier this year. Trump remarked on September 16, “It’s very young and very growing… I do believe in it,” highlighting his commitment to the industry.
Analysts are optimistic about Bitcoin’s trajectory, with some predicting it could exceed $100,000 by year-end. The cryptocurrency’s rise is not only attributed to Trump’s victory but also to broader market trends and regulatory changes that have made investing in cryptocurrencies more accessible.
As Bitcoin continues its upward trajectory, its market capitalization has grown significantly, now standing at approximately $2.96 trillion globally. The implications of Trump’s presidency on the cryptocurrency landscape are being closely monitored by investors and analysts alike as they anticipate potential policy shifts that could further impact digital currencies.
Sources:
[1] https://businessday.ng/technology/article/bitcoin-riding-wave-of-trumps-win-to-record-high/
[2] https://ktvz.com/money/cnn-business-consumer/2024/11/10/bitcoin-hits-80000-why-trump-is-boosting-crypto/
[3] https://www.cnn.com/2024/11/12/business/video/bitcoin-trump-cryptocurrencies-yurkevich-pkg-lead-digvid
[4] https://www.yahoo.com/tech/bitcoins-100k-dream-closer-ever-161347643.html
[5] https://abc17news.com/cnn-opinion/2024/11/13/a-trump-bitcoin-promise-is-what-crypto-fans-once-fought-against-they-love-it-anyway/
[6] https://www.cnn.com/2024/11/13/business/crypto-trump-bitcoin-coinbase-price/index.html
[7] https://edition.cnn.com/2024/09/16/politics/trump-cryptocurrency-business/index.html
[8] https://www.nytimes.com/2024/11/13/technology/trump-crypto-bitcoin.html
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