Bitcoin has proven its strength and is showing no sign of stopping. Crypto currency skyrocketed up to a fresh record high On Monday, investors bet Donald Trump’s return to Oval Office would be good news for the cryptocurrency industry.
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Since its low point of $39,4000 in the beginning of this year, Bitcoin has more than doubled. $81,405 Data from Coingecko show that the previous record was $81,890.
Bitcoin’s previous record of $74,797 in March was surpassed by $75k a day after the election. Bitcoin’s rise in price early on November was not surprising given how Bitcoin has become an election hot topic.
Trump is seen more favorable towards Bitcoin, compared to Kamala Harris. Bitcoin’s recent surge has pushed its value higher. market cap CoinMarketCap shows data of over $2.7 trillion.
Bitcoin Inks Yet Another ATH, Boosting The Crypto Landscape
Bitcoin’s price rise began on November 5, when Trump’s election numbers were overwhelmingly positive. Bitcoin reached $75k on Wednesday morning and then soared upwards to new highs until, Monday.
Bitcoin’s boom has also benefitted the rest of crypto. MicroStrategy shares rose in value with the rise of Bitcoin, as Coinbase Global confirmed. Traders’ optimism is high; even the Dow Jones Industrial Average and the S&P 500 ended the week in black.
Trump Changes Bitcoin Policy
It’s interesting to note that the incoming president Trump was initially not a fan of Bitcoin or cryptocurrencies. Trump called these digital currencies scams in his first year as President. Trump has changed his mind and is now a huge supporter of the digital assets.
Trump made a promise in one of his speeches during the campaign to turn the US into the Bitcoin and Crypto capital of the World. Elon Musk, among other crypto-famous personalities, has also given him their support.
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Crypto Project
Trump is not only a supporter of Bitcoin but has also looked into a crypto-project. World Liberty Financial was launched by Trump’s sons as well as other entrepreneurs in September of last year. The project was launched, but technical issues and other problems hampered its success.
Trump, despite the volatility of Bitcoins and Cryptocurrencies in general, has been leading adoption of these digital assets over recent months. Trump was the US’s first president to make retail BTC purchases before the 2016 elections.
The featured image is from DALL-E. Charts are from TradingView.
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Source: www.newsbtc.com
