Bitcoin Ends a Strong Week Following Trump’s Victory Sparking New Highs
Bitcoin prices reached an all-time high above $77,000 yesterday. (Photo illustration by … [+]
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Bitcoin concluded a successful week on Friday, November 8, as the digital currency hit a new record high following Donald Trump’s decisive win in the 2024 presidential election.
The leading cryptocurrency surged to $77,312.18 on Friday, based on data from Coinbase provided by TradingView.
During the week, the digital asset rose over 12% and set a new all-time high, according to additional data from Coinbase.
Following the peak, bitcoin experienced a minor pullback while still holding onto most of its recent gains throughout the day.
Experts cited several factors contributing to the price movements of the cryptocurrency in the past week.
Trump Victory Bullish For Crypto
The most significant factor driving the recent fluctuations in the digital currency, according to market experts, was Trump’s re-election as President of the United States.
Analysts highlighted the positive implications of this outcome for the crypto and blockchain industry.
“Crypto enthusiasts are thrilled to see Trump back in office as he has been a strong supporter of Bitcoin and blockchain technology,” stated Brett Sifling, an advisor at Gerber Kawasaki Wealth & Investment Management.
TikTok influencer Wendy O also expressed the bullish impact of Trump’s support for Bitcoin and cryptocurrencies on the digital currency markets.
She mentioned that the SEC’s previous strict regulations caused companies in the crypto industry to relocate to more favorable jurisdictions, but with Trump’s re-election, faith in the long-term potential of the crypto industry has been restored.
Sifling further explained how the election outcome would influence financial and economic policy, including crypto regulations, and the subsequent impact on assets like stocks and cryptocurrencies like bitcoin.
Several analysts also discussed the Federal Reserve’s decision to cut rates in November, injecting more bullish sentiment into the markets and benefiting various risk assets, including stocks and cryptocurrencies.
Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS, and SOL.
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