30s Summary
Bitcoin has reached a record high, breaking the $85,000 mark for the first time, amid anticipations it could hit $100,000 before the end of 2024. This surge coincided with Donald Trump’s second term win in the 2024 elections. The crypto community views Trump’s term and the Republican-controlled Senate as possibly ushering in clearer crypto regulation. Meanwhile, US spot Bitcoin exchange-traded funds gave a boost to Bitcoin’s price, with BlackRock’s Bitcoin ETF recording $1 billion worth of volume post elections.
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Guess what? Bitcoin just hit a new record by surpassing $85,000 for the first time, and some folks reckon it might hit six figures before 2025 is over! This new all-time high happened around the same time Trump won his second term in the 2024 elections. Interesting, isn’t it?
Now, this new high puts Bitcoin about 17.6% away from reaching the mega $100,000 mark. And, this might just happen before the end of 2024, who knows? After the Trump election win, there’s been a buzz around Bitcoin, with folks investing more and higher demand for it.
According to this smart guy, Ryan Lee, who’s chief analyst at Bitget Research, the results of the US elections might just be the push Bitcoin needed to hit the massive $100k before year end. According to data from the futures markets, it seems traders are expecting Bitcoin to make some big moves.
The interesting bit is that many in the crypto space see Trump’s next term as a good thing, they expect there’ll be more clarity around crypto regulations favoring blockchain innovation. The Republican Party has also secured control of the Senate, and Brian Armstrong, the big guy at Coinbase, says they’re the “most pro-crypto Congress ever.”
A lot of folks in the crypto industry are hoping that this new Senate will bring in rules that are more friendly towards financial technology and cryptocurrency. Andrey Lazutkin, the tech whizz of Tangem Wallet, reckons that this newly Republican Senate will prioritize rules that support the crypto space.
Meanwhile, Bitcoin’s price also got a nudge from US spot Bitcoin exchange-traded funds. BlackRock’s Bitcoin ETF saw a whopping $1 billion worth of volume right after the election was over. So all in all, it’s looking pretty bright for Bitcoin!