Bitcoin, the flagship cryptocurrency has hit the $80,000 price level following the post-US election bull run which is still in full swing. Bitcoin crossed the $80,000 mark on Sunday reaching the highest point the crypto asset has ever been.
This development strengthens the analyst’s prediction that the asset could surpass $100,000 before the end of the year.
The bull rally follows Donald Trump’s victory in the polls on Wednesday, which is seen as a massive win for the crypto industry as Trump is perceived as the crypto candidate.
The crypto community expects Donald Trump to flesh out pro crypto policies and offer a softer regulatory framework for the digital currency industry.
The ripple effect of Donald Trump’s victory reflects on the various spot Bitcoin ETFs and crypto-related stocks.
At the time of the report, Bitcoin is exchanging hands for $79,579 having dropped slightly from the $80,000 mark it crossed a few hours ago. The crypto asset is still 4.1% up in the last 24 hours.
Trump’s Effect on Bitcoin
Donald Trump’s victory in the polls is causing a bull rally in the crypto market due to his Pro crypto stance throughout his election campaign.
- The 45th President of the United States said in a Bitcoin conference in Nashville that he was going to make the United States the crypto capital of the world.
- He also mulled the possibility of setting up a strategic Bitcoin reserve which will be used to mitigate the United States $36 trillion debt.
- It’s no surprise Bitcoin has smashed its all-time high by nearly $7,000 hitting the $80,000 mark and is $20,000 shy of the $100,000 mark predicted by analysts to become a reality before the end of the year.
Bitcoin ETFs and Stocks going up
- The current Bull rally sweeping through the crypto market also reflects on Bitcoin ETF products and Stocks. The Biggest Bitcoin ETF product run by Blackrock recorded positive numbers as a result of the Bull Rally.
- Blackrock’s iShares Bitcoin Trust ETF (IBIT) leaped 11% last week hitting a record high.
- Coinbase stock erupted for a 48% gain while Robinhood stocks a crypto-friendly trading app, leaped 27.4% its highest in nearly three years.
What to Know
- Ethereum the second largest crypto asset by market capitalization is not left out in the Bull run. The crypto asset also surged by 2.5% crossing the $3,000 mark but is still below its all-time high of $4,878.
- The United States Securities and Exchange Commission Chief Gary Gensler has been rumoured to be on his way out before Donald Trump’s Inauguration next year.
- Donald Trump in his Bitcoin Conference speech revealed his plans to fire Gary Gensler if he is elected over his unclear and stringent policies for the crypto industry.
