30s Summary

Bitcoin is verging on $77,000, fueled by optimism following Trump’s election win and investors betting on its success. Confidence in a Republican presidency, and $1.38 billion pumped into Bitcoin ETFs, helped the cryptocurrency achieve this mark. Investor enthusiasm continues to rise, with the expectation Bitcoin could soon outperform other risky investments like stocks and gold due to Trump’s proposed 60% tariff on China. This bullish trend may create a cycle of increasing retail capital and systematic fund buying. Meanwhile, Ethereum (ETH) also shows promising growth, with predictions its price could soar above $3,200.

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Bitcoin is almost hitting $77,000, and it looks like Trump’s win has something to do with it. A lot of hopeful investors are putting their money in Bitcoin, probably because they think the economy in America is gonna get better.

Just to give you an idea, the Bitcoin price was on the verge of crossing $77,000 on Nov. 8. This was two days after Trump was announced the US election winner, which sparked a lot of interest from people wanting to invest in riskier stuff.

QCP Capital, a trading firm, suggested that there’s a lot of confidence around a Republican presidential win and that could push Bitcoin’s value even more. They came across a whopping $1.38 billion being put into Bitcoin ETFs (kinda like a packet of stocks) which, along with the positive vibes from Trump’s win, helped Bitcoin get to its $77,000 mark.

For the next big milestone, Ryan Lee from Bitget Research believes that Bitcoin will cross $100,000 before the end of 2024.

It seems Bitcoin might out-do other risky investments like gold and stocks. This has something to do with Trump’s proposed 60% tariff on China. QCP’s research note thinks that this would make Bitcoin a less risky option compared to stocks, so it might perform better than other risky investments.

Investors are betting big on Bitcoin right after Trump’s win. US Bitcoin ETFs received over $1.37 billion on Nov. 7. The optimism continues, and we can expect to see more and more people buying Bitcoin, according to QCP Capital. They also believe that this rising trend in Bitcoin could become a loop, attracting more retail capital and systematic fund buying as volatility decreases.

In case you’re wondering about Ether (ETH), analysts say it’s looking good as well. ETH’s price might get above $3,200 soon, boosted by positive Ether ETF inflows.