BITCOIN NEARS $90,000 LEVEL, HITS RECORD LEVELS

Tue 12 November 2024:

The price of Bitcoin reached almost $90,000 level on Tuesday, hitting historical high levels.

During the last 24-hour period, the price of the largest cryptocurrency saw a low of $80,800 and a high of $89,900.

It was at $70,000 level a week ago, and gained around 30% in the seven-day period following Donald Trump’s presidential election victory in the US.

After Trump’s win, the market expects positive developments for cryptocurrencies, as he pledged that the US will be the “crypto capital” of the planet.

“If crypto is going to define the future, I want it mined, minted and made in the USA. It is not going to be made anywhere else,” Trump told July’s Bitcoin Conference in Nashvillle, Tennessee, in the US.

The market size of Bitcoin has recently been at $1.77 trillion, according to Coinmarketcap figures, with a 24-hour trade volume of $136.3 billion.

Ethereum, the second-largest cryptocurrency, over the last 24 hours has also hovered between $3,130 and $3,390.

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Trump win boosts crypto prospects

Investors expect Trump’s second term in office will bring equities-boosting tax cuts and looser regulations.

The crypto industry believes Trump’s victory is a bullish sign for bitcoin and other digital currencies. Although Trump was once a bitcoin skeptic, once saying it “was based on thin air,” he has fully embraced crypto in recent months — unlike the Biden administration, which has sought to rein in crypto.

A big reason Trump has changed his tune on crypto: He now has a financial stake in it. In September, Trump and his children started a new crypto business called World Liberty Financial.

“It’s very young and very growing,” Trump said of the cryptocurrency industry on September 16 while unveiling World Liberty Financial. “I do believe in it.”

The Biden administration, by contrast, has been far more skeptical of crypto. Securities and Exchange Commission Chairman Gary Gensler said in June 2021, in one of his first speeches in his then-new job, that crypto was “ripe with fraud, scams and abuses.”

Trump said in August that cryptocurrencies could “define the future,” adding he wanted it “mined, minted and made in the USA.” The president-elect also proposed a strategic national bitcoin stockpile, akin to America’s strategic petroleum reserve, directly purchasing and investing in cryptocurrencies as a national security measure.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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