BITCOIN HITS RECORD HIGH ABOVE $77K ON TRUMP ELECTION OPTIMISM

Fri 08 November 2024:

Bitcoin hit another record high on Friday amid continued optimism about the election of Donald Trump and a potentially more crypto-friendly Congress.

The largest cryptocurrency by market cap moved as high as $77,300 Friday afternoon, just days after creating other price milestones. The gains come as the stock market has also hit a series of all-time highs following Trump’s decisive victory in the Tuesday presidential election.

Over the past two days, investors have poured nearly $2 billion into spot bitcoin exchange-traded funds, according to data from Farside Investors. On Thursday alone, these products saw $1.3 billion in net inflows, with roughly $1.1 billion of those funds headed into BlackRock’s iShares Bitcoin Trust.

These products hold bitcoin, and with investors pouring money into them can fuel demand for bitcoin, pushing prices higher—just the way they did earlier this year.

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Trump Win, Pro-Crypto Lawmakers Boost Sentiment

Trump embraced cryptocurrencies this election cycle, a reversal of his prior criticism, and promised to create a strategic bitcoin reserve. He also vowed to replace Gary Gensler, chair of the U.S. Securities and Exchange Commission, under whose tenure the agency pursued strict enforcement against the crypto industry.2

This election has also brought into office more pro-crypto lawmakers. According to Coinbase research, “the House of Representatives gained 263 pro-crypto candidates versus 118 anti-crypto candidates and the Senate gained 18 pro-crypto candidates versus 12 anti-crypto candidates.”3

Christo de Wit, Luno country manager says, “Trump has repeatedly and publicly vocalised his support for the development of the cryptocurrency industry in the US, whereas Kamala Harris has been less clear about plans for the industry’s future should she win the election.

“We’ve seen a significant uptick in trading volume on Luno over the past 24 hours in response to the positive market movements.”

Bitcoin and Ethereum both spiked over 8% on Wednesday, 6 November 2024, while others like Dogecoin and Uniswap were stealing the show with 20% and 30% gains, respectively, over the last day. The market cap for all cryptos jumped 14% overnight, and trading volumes across the industry more than doubled.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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