Markets
Bitcoin Price Tops $80,000 for First Time as Trump Win Boosts Crypto Market
Published
2 weeks agoon
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adminBitcoin all-time high? It keeps happening, over and over again the last few days.
But this one’s an especially notable one, as Bitcoin rose above $80,000 early Sunday for the first time ever. Coinbase data shows that the leading cryptocurrency touched a high mark of $80,137.
Even by the past week’s standards, Bitcoin really saw a jump overnight, rising from a level just above $77,000 to breach the $80K mark. Bitcoin had been holding onto an all-time high price mark of $73,737 from March, going into Election Day, but rose above that mark Tuesday evening as Donald Trump’s election win took shape.
The U.S. president-elect made cryptocurrency a key part of his campaign this year, promising to protect and boost the industry in America and end the Securities and Exchange Commission’s crypto crackdown.
Bitcoin is now up nearly 17% on the week at a current price of $79,875, down slightly from the peak from earlier this morning.
Other major cryptocurrencies have marked even larger gains over the past week, however, with Cardano up a whopping 86%, Dogecoin popping 66%, and even Ethereum—which is notably lagged Bitcoin’s gains in recent months—jumping 31% over renewed decentralized finance (DeFi) optimism.
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Bitcoin Nears $100,000 As Trump Council Expected To Implement BTC Reserve
Published
4 hours agoon
November 22, 2024By
adminWhat an enormous day it has been today.
Gary Gensler officially announced that he is stepping down from his position as Chairman of the Securities and Exchange Commission (SEC), and minutes later, Reuters reported that Donald Trump’s “crypto council” is expected to “establish Trump’s promised bitcoin reserve.” A bitcoin reserve, that would see the United States purchase 200,000 bitcoin per year, for five years until it has bought 1,000,000 bitcoin.
Right after both of those, Bitcoin continued its upward momentum and broke $99,000, with $100,000 feeling like it can happen at any second now.
It is hard to contain my bullishness thinking about the United States purchasing 200,000 BTC per year. They essentially have to compete with everyone else in the world who is also accumulating bitcoin and attempting to front run them. There are only 21 million bitcoin and that is a LOT of demand.
To put this into context, so far this year the US spot bitcoin ETFs have accumulated a combined total of over 1 million BTC. At the time of launch the price was ~$44,000 and now bitcoin is practically at $100,000. And that’s all ETFs combined. Imagine what will happen when just one entity wants to buy a total of 1 million coins, having to compete with everyone else accumulating large amounts as well?
I mean MicroStrategy literally just completed another $3 BILLION raise to buy more bitcoin, and will continue raising until it purchases $42 billion more in bitcoin. The United States are most likely going to be purchasing their coins (if this legislation is officially signed into law) at very high prices. The demand is insane and only rising in the foreseeable future.
With two months left to go until Trump officially takes office, it remains to be seen if this bill becomes law, but at the moment things are looking really good. As Senator Cynthia Lummis stated, “This is our Louisiana Purchase moment!” and would be an absolutely historic moment for Bitcoin, Bitcoiners, and the future financial dominance of the United States of America.
This is the solution.
This is the answer.
This is our Louisiana Purchase moment!#Bitcoin2024 pic.twitter.com/RNEiLaB16U
— Senator Cynthia Lummis (@SenLummis) July 27, 2024
This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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Markets
The Chart That Shows Bitcoin’s Bull Run Won’t Stop at $100,000
Published
12 hours agoon
November 21, 2024By
adminPeak Bitcoin, hardly.
As I wrote in Forbes in 2021, the world is waking up to a new reality in regards to Bitcoin – the unlikely truth that Bitcoin’s programming has cyclical effects on its economy.
This has led to at least 4 distinct market cycles where Bitcoin has been branded a bubble, skeptics have rung their hands, and each time, Bitcoin recovers more or less 4 years later to set new all-time highs above its previously “sky-high” valuation.
I personally watched Bitcoin go from $50 to $1,300 in 2013. Then, from $1,000 to $20,000 in 2017, and I watched it go from $20,000 to $70,000 in 2021.
So, I’m just here to relate that, from my past experience, this market cycle is just heating up.
For those who have been in Bitcoin, there’s one tried-and-true and that’s Google Search. As long as I’ve been in Bitcoin, this has been the best indicator of the strength of the market.
Search is low, you’re probably in a bear market. Search heading back to all-time highs? This means new entrants are getting engaged, learning about Bitcoin, and becoming active buyers.
Remember, this is a habit change. Bitcoin HODLers are slowing shifting their assets to a wholly new economy. So, Google Trends search then, represents a snapshot of Bitcoin’s immigration. It shows how many new sovereign citizens are moving their money here.
And it’s something that all who are worried about whether bitcoin’s price topping out in 2024 should pay attention to.
Last year was the Bitcoin halving, and historically, the year following previous halvings has led to price appreciation. Maybe you’re tempted to think, “this time is different” – not me. I look at search and I see a chart that continues to accelerate into price discovery. Trust me when I say no one I know is selling bitcoin.
As shown above, buyer interest is accelerating, and these new buyers have to buy that Bitcoin from somewhere. Add nation states, US states, and a coming Trump administration set to ease the burden on the industry?
Well, I think the chart above says it all really.
This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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Bitcoin
Bitcoin Nears $96K, Continuing Wild ‘Trump Trade’ Rally
Published
1 day agoon
November 21, 2024By
adminBTC traded above $95,900 in early Asian hours, less than 6% from a landmark $100,000 figure that would push it above a $2 trillion market capitalization.
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