Connect with us

Bitcoin

Bitcoin at $77k 48hrs after US elections

Published

4 days ago

on


Bitcoin crossed $77,000 on Friday, Nov. 8, setting a new all-time high for the second consecutive day.

Bitcoin (BTC) reached a new all time high of $77,020 roughly 48 hours after Donald Trump won the U.S. presidential election, along with the election of several pro-crypto policymakers to Congress. With a market cap of $1.5 trillion, Bitcoin now ranks as the world’s ninth most valuable asset, surpassing Mark Zuckerberg’s Meta.

BTC’s year-to-date growth has exceeded 118% with this recent surge. Over the past 30 days, Bitcoin has increased by nearly 25% as seasonal trends and halving-year data indicated bullish prospects. During the last two election cycles, Bitcoin has reached new highs and has not returned to pre-election levels.

Bitcoin at $77k 48hrs after US elections - 1
24-hour BTC price chart – Nov. 8 | Source: crypto.news

Policy plans

For the first time, crypto money played a significant role in funding political action committees, leading experts and opinion leaders to anticipate progressive digital asset regulations from Washington. A BTC bill from Wyoming Senator Cynthia Lummis appears to be a frontrunner in what could become a new crypto policy landscape.

Like President-elect Donald Trump, Sen. Lummis pushed for a strategic national Bitcoin reserve and more. The proposal from Lummis would implement a BTC buying plan, piling on America’s existing 203,000 Bitcoin stockpile.

Lummis suggested acquiring 1,000,000 BTC over five years, which would cost the U.S. an estimated $77 billion if Bitcoin’s price remained constant over that period.

Bitcoin price

BTC ambassadors like Michael Saylor and the larger crypto community predict prices are going higher. Targets of $100,000 by year’s end, and $200,000 by 2025 have mentioned by investors and experts alike.

Investors already splurged $72 billion buying into Bitcoin via Wall Street exchange-traded funds. State like Detroit and Wyoming have announced some form of Bitcoin adoption. Marshalled interests between crypto titans did not disband following victory in the 2024 U.S. elections.

Crypto-focused super PAC Fairshake has raised over $78 million for the 2026 mid-terms. The organization disclosed donations from A16z crypto and Coinbase even before the Associated Press declared voting results.





Source link

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Adoption

AI startup Genius Group picks Bitcoin as main treasury asset

Published

2 hours ago

on

November 12, 2024

By



Bitcoin as an institutional reserve asset gained more traction as a Singapore-based AI company took a page from MicroStrategy’s book.

Per a press statement, publicly-traded artificial intelligence firm Genius Group will onboard Bitcoin (BTC) as its main treasury holding and immediately purchase $120 million worth of the world’s leading cryptocurrency.

Genius Group also said it would hold 90% of its current and future treasury value in Bitcoin, adding to its initial 1,380 token buy plan disclosed on Nov. 12. The startup’s GNS shares surged 50% during pre-market trading, according to Yahoo Finance. GNS prices shook off gains by publishing time, but the shares still traded higher than their previous close.

At least three institutional players have now adopted the BTC accumulation strategy pioneered by Michael Saylor’s software behemoth MicroStrategy. Firms like Tokyo’s Metaplanet, medical tech provider Semler Scientific, and now Genius announced BTC purchasing plans inspired by Saylor’s company.

All three companies hold over 1,000 BTC. The trio were leagues away from MicroStrategy’s 279,420 Bitcoin trove valued at over $24 billion due to recent highs.

We believe that with our Bitcoin-first strategy, we will be among the first NYSE American listed companies to fully embrace Microstrategy’s Bitcoin strategy for the benefit of our shareholders.

Thomas Power, Genius Group director

Stocking most of its treasury with BTC was also revealed shortly after Genius reshuffled its top decision-makers. Genius added multiple crypto-savvy board members as the firm paid more attention to web3 and blockchain technology.



Source link

Continue Reading

Bitcoin

Ether (ETH) ETF Inflows Hit Record, Bitcoin ETF Inflows Soar as BTC Price Eyes $90K

Published

8 hours ago

on

November 12, 2024

By



“Assets in the US spot bitcoin ETFs are now up to $84b, which is 2/3 of the way to what gold ETFs have, all the sudden there’s a decent shot they surpass gold before their first birthday (we predicted it would take 3-4yrs),” Eric Balchunas, a senior analyst at Bloomberg, said in a post on X.



Source link

Continue Reading

Bitcoin

Bitcoin Buying Pressure Rises, But Here’s Why A Pullback Could Be Coming

Published

13 hours ago

on

November 12, 2024

By


A recent analysis from BaroVirtual, a CryptoQuant analyst, offers a nuanced perspective on the current state of the Bitcoin market.

According to the analyst, fluctuations in the Coinbase premium—a key metric that tracks the price difference between Bitcoin on Coinbase and other exchanges—can offer significant insights.

Retail Leverage And Premiums: A Double-Edged Sword

Rising or elevated Coinbase premiums typically suggest intense buying pressure, indicating strong medium-term sentiment for Bitcoin. However, BaroVirtual warns that in the short term, these high premiums may present a double-edged sword, as they often precede a localized downward movement in Bitcoin’s price.

This phenomenon stems from market dynamics, as high premiums reflect surges in demand that can lead to overheating. When this occurs in combination with a high volume of leveraged retail positions and an excessive number of long contracts, the risk of a market pullback increases.

Bitcoin Coinbase Premium Index.

Notably, BaroVirtual pointed out that this scenario has been evident in some Asian exchanges, where traders’ aggressive positions and leveraged setups further amplified market vulnerabilities.

The analyst’s observations extend beyond the Coinbase premium to the broader market context. When premiums soar, they signal strong demand and positive sentiment among investors. This can provide a floor for Bitcoin’s price, strengthening support levels and creating a bullish sentiment over the medium term.

However, in the short run, the influx of highly leveraged retail positions can destabilize market balance, leading to sharp corrections. High leverage implies that even minor price swings can force liquidations, exacerbating downward price movements.

The CryptoQuant analyst emphasized leverage dynamics’ major role in determining bullish trends’ sustainability. Retail traders’ aggressive positioning on some Asian exchanges reflects a growing risk appetite, which may lead to sudden market shifts if sentiment turns or if premiums dip.

Bitcoin Nears $100,000

After previously trading just above $83,000 earlier today, Bitcoin’s price has now pushed further. So far, BTC has achieved a latest all-time high of (ATH) of $84,929 less than an hour ago. However, the asset has seen a slight correction with a current trading price of $84,929, at the time of writing.

Bitcoin (BTC) price chart on TradingView

Regardless of this slight pullback, with the current bullish momentum in Bitcoin, it is evident that the asset could continue this rally and rise above $85,000 soon, bringing it closer to a six digit ATH of $100,000 and beyond.

Renowned crypto analyst known as Javon Marks on X has highlighted that Bitcoin still has “more upside coming” especially since it recently broke above a descending broadening wedge pattern.

Featured image created with DALL-E, Chart from TradingView





Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon