Highlights:
- Bitcoin reached an all-time high of $81,801 as investor interest boosted trading volume by over 80% this week.
- Bitcoin often rises after elections, and investors expect its price to keep climbing toward $100,000.
- A pro-crypto SEC chair may improve regulations which could help Bitcoin grow as a trusted “digital gold.”
Bitcoin hit an all-time high of $81,801 earlier today. This marks a new high in its price history. Bitcoin is trading just below its ATH, trading at about $80,000. In the past week, the price of Bitcoin has risen over 17%. The growing interest of the investors has seen an increase of over 80.23% in trading volume in the last week.
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The recent U.S. election saw steady gains for Bitcoin, and the upward price movement comes after its conclusion. Bitcoin hit this year’s earlier ATH of $75,395 on Wednesday. Miner difficulty reached its ATH on the same day.
Historically, Bitcoin often surges after U.S. elections. In 2012, the price of Bitcoin increased by roughly 12,000% to $1,100 in the following year. Also, shortly after the 2016 election, Bitcoin increased by about 3,600% to $18,000 in December 2017. The price shot up 478% after the 2020 elections to $73,000 by March 2021. The trend shows that Bitcoin benefits from resolved electoral uncertainties and more confidence from investors.
Bitcoin is set to hit $100,000 before Trump is inaugurated. The market is anticipating crypto-friendly regulations which is fuelling the price rally.
Bitcoin’s Rise Boosts Institutional Bets and Profits
Large investors are reaping big from the continued rise in the price of Bitcoin. By the time Bitcoin hit $80,000, MicroStrategy had made over $10 billion in unrealized profits. The support from institutions has proved to be lucrative as they invested early in Bitcoin.
Bets on a higher price continue to grow as Bitcoin’s value rises. At the moment, $2.8 billion in contracts are staked on that Bitcoin will make it to $90,000. This mirrors the increasing confidence among investors who think Bitcoin will keep rising.
The Bitcoin Fear and Greed Index now shows “Extreme Greed.” This high level indicates that investors are overwhelmingly positive about Bitcoin’s future. In turn, this positive sentiment has boosted the number of long positions in Bitcoin futures.
Crypto Regulation Could Boost BTC’s Role in Finance
The global cryptocurrency market cap has reached $2.91 trillion today reflecting a 2.85% increase in just 24 hours. Bitcoin, often called “digital gold,” plays a big role in this growth. Many investors now view Bitcoin as a safe asset, similar to gold, that protects against inflation.
Robert Kiyosaki recently said he plans to own 100 Bitcoin, no matter the price. His decision shows the strong belief that many have in Bitcoin’s future value, especially during uncertain economic times. He stated that America has 12 years of financial prosperity under the leadership of Trump.
The BEST NEWS is: America may have 12 more years of financial prosperity: 4-years of Donald Trump 8-years of JD Vance….but do not take a break…. Do not believe the academic liberal-left will go on vacation. They want The Donald and JD dead.
I want them alive. Please stay…
— Robert Kiyosaki (@theRealKiyosaki) November 11, 2024
As Bitcoin’s role grows, new regulations are expected to impact the crypto world. The U.S. Securities and Exchange Commission (SEC) may soon get a new leader, possibly someone who supports crypto. Several names have been associated with the position since Trump won the election.
Mark Uyeda and Richard Farley are the favorites to replace Gary Gensler as the SEC chair. With a new crypto-friendly SEC chair, regulations are expected to improve. The ongoing crypto-related cases are also expected to wind up.
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