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    Bitcoin reaches new record high surpassing $76,800 fueled by ETFs, political shifts, and investor interest

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    Bitcoin set a new all-time high above $76,800, boosted by several factors including an increase in Bitcoin exchange-traded funds, a break from a seven-month slump, and a pro-crypto Republican win in the US government. The uptick in Bitcoin interest has been observed in Bitcoin futures trading and open interest at the CME, persistent inflow of cash into Bitcoin ETFs, and growing anticipation of lowering standard interest rates. This surge is attributed mostly to growing adoption from the US investors, especially in light of decreased White House hostility towards the industry. Future projections set Bitcoin’s value between $82,000 – $85,000.

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    Bitcoin has been on a roll recently, hitting another all-time high on November 7, when it was trading above $76,800. A few things might be contributing to this sky-high trajectory, such as a recent increase in Bitcoin exchange-traded funds (ETFs), breaking away from a 7-month slump, and the recent success of the Republican party in the US government, who are generally quite open to crypto.

    We can actually see this surge in action in several areas:

    1) For example, on November 6, the Chicago Mercantile Exchange (CME) saw Bitcoin futures trading reach a whopping new high of $13.15 billion. Not only that, the CME also saw a huge amount of interest open up, reaching 15,255 Bitcoin.

    2) Inside the CME, it’s pretty obvious that big investors are prepping for Bitcoin to keep climbing. As a sign of this, $1.1 billion of open interest was added on November 6.

    3) Before the recent election, Bitcoin ETFs saw a huge inflow of cash (we’re talking billions), and this has stayed strong even after the election.

    4) Bitcoin’s open interest has been steadily rising, along with the election of crypto-friendly lawmakers in all branches of the US government. Also, the crypto and stock markets are reacting well to the idea that standard interest rates will keep going down. This point was backed up on November 7, when the US Federal Reserve decided to cut the rate by 25 basis points.

    5) There’s also increased chatter about the US creating a Strategic Bitcoin Reserve. The idea that the Federal Reserve will keep on cutting rates is boosting people’s confidence and leading them to invest more in stocks and digital assets.

    And about this upswing in Bitcoin futures and options? Well, JJ, the Head of Crypto Options and Derivatives at HighStrike, believes it’s mainly down to an increased appetite from US investors, especially after Trump’s win and the believed easing of White House hostility towards the industry.

    As for what’s expected in the short-term? Well, analysts believe we could see Bitcoin go up to somewhere between $82,000 and $85,000. This also matches up with findings from the Fibonacci projection tool, which suggests the rally could extend to $82,367.

    Just remember though, any investment carries some risk, so it’s always essential to do your own research and make careful decisions.

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