30s Summary
Bitcoin’s value is nearing $90,000 – the highest in its history – following its largest single-day gain of over $8,400. The increase is attributed to the March 2023 banking crisis and predictions that President Trump’s reelection could push the value over $100,000 by the end of 2024. Strong performance of Bitcoin ETFs in the US, coupled with hopes of improved crypto regulations and monetary policies, have also contributed to the surge. Some analysts believe that Trump’s economic policy could potentially drive Bitcoin’s price over the $1 million mark.
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Bitcoin’s price is just around the corner from hitting $90,000 after its biggest single day gain ever.
Bitcoin’s price is soaring and is almost at a record-breaking $90,000, thanks in part to a pretty good week since the March 2023 banking crisis in the US. After hitting a the $85,000 mark on November 11, Bitcoin then had its best day in its entire history. The value skyrocketed by more than $8,400 in just one day, as pointed out by Alex Thorn, the guy who heads research at Galaxy. He noted in a November 12 post about Bitcoin, “November 11, 2024, was the biggest daily gain in Bitcoin history.”
Comparing this to the previous best day for Bitcoin, it happened in August 2021, when the Bitcoin price rose by over $7,576 in 24 hours, going from $38,871 to $46,448.
At this moment, Bitcoin’s value has jumped by over 28% this week and is trading at more than $88,006 as of 9:56 am UTC.
Market analysts are predicting that with Donald Trump winning the US presidential election, it sets the stage for even more demand which could drive Bitcoin’s value to over $100,000 before 2024 wraps up.
The Bitcoin exchange-traded funds (ETFs) in the US are also contributing to this incredible rise of Bitcoin’s price. Those Bitcoin ETFs recorded a cumulative $1.1 billion worth of positive inflows on Nov. 11, following the over $1.37 billion worth of Bitcoin just two days earlier on Nov. 7. After the November 11 Bitcoin rally, the Bitcoin ETFs, MicroStrategy and Coinbase hit a record combined $38 billion in daily trading volume, blowing past the previous high of $25 million set in March.
Bitcoin’s price is going through roof ever since Trump won and there’s widespread hope for better crypto regulations and improved monetary policy. According to Hayes, there’s the very real chance that Trump’s economic policy may push Bitcoin’s price over the $1 million mark.
It’s also worth noting that quantitative easing, which is when a central bank buys a boat load of government bonds to stimulate economic activity, usually boosts Bitcoin’s price as it encourages investors to seek higher returns in other assets.