Bitcoin Reaches Unprecedented Highs
The surge in cryptocurrency prices has been driven by Donald Trump's victory in the US presidential election. Read Full Article at RT.com.
TroibNews 
The price of Bitcoin has surged, surpassing the $86,000 mark for the first time on Monday, driven by optimism that US President-elect Donald Trump will be supportive of the digital asset sector.
As of 19:23 GMT, Bitcoin was trading at approximately $86,295 per coin, reflecting an increase of over 7%. This performance marks Bitcoin's second-best week of the year, according to data from Glassnode. The value has more than doubled from around $37,000 one year ago. In addition to Bitcoin, other cryptocurrencies have also experienced notable increases in price.
With a market capitalization of $1.7 trillion, Bitcoin has become the ninth-largest financial asset. The total market cap for all cryptocurrencies reached over $2.88 trillion on Monday.
Le Shi, managing director at the market-making firm Auros in Hong Kong, commented, "With the dust from Trump’s victory still settling down, it was only a matter of time before a run-up of some sort occurred given the perception of Trump being pro-crypto, and that’s what we’re seeing now."
During his campaign, Trump made several commitments to the crypto industry, including his goal of making the US the “crypto capital of the planet” and his insistence that all Bitcoin should be mined domestically. He even utilized Bitcoin to purchase cheeseburgers and beer for his supporters at a bar in New York City.
Trump has also vowed to remove US Securities and Exchange Commission Chairman Gary Gensler, who has taken a stringent stance toward the cryptocurrency sector.
Some analysts predict that the cryptocurrency market will continue to soar, with Bitcoin potentially reaching the $100,000 mark by year-end. Brian Rudick, managing director of research at crypto market maker GSR, stated earlier, “Through the year-end, I think it will really depend on Trump’s public commentary and whether he continues to spotlight digital assets as a priority.”
Rudick added, “If he continues to reiterate his promises, Bitcoin is likely to continue to act well. If he’s completely silent through the time when he takes the presidency in January, that would not be a good sign, and Bitcoin could give back some of these gains.”
Max Fischer contributed to this report for TROIB News
As of 19:23 GMT, Bitcoin was trading at approximately $86,295 per coin, reflecting an increase of over 7%. This performance marks Bitcoin's second-best week of the year, according to data from Glassnode. The value has more than doubled from around $37,000 one year ago. In addition to Bitcoin, other cryptocurrencies have also experienced notable increases in price.
With a market capitalization of $1.7 trillion, Bitcoin has become the ninth-largest financial asset. The total market cap for all cryptocurrencies reached over $2.88 trillion on Monday.
Le Shi, managing director at the market-making firm Auros in Hong Kong, commented, "With the dust from Trump’s victory still settling down, it was only a matter of time before a run-up of some sort occurred given the perception of Trump being pro-crypto, and that’s what we’re seeing now."
During his campaign, Trump made several commitments to the crypto industry, including his goal of making the US the “crypto capital of the planet” and his insistence that all Bitcoin should be mined domestically. He even utilized Bitcoin to purchase cheeseburgers and beer for his supporters at a bar in New York City.
Trump has also vowed to remove US Securities and Exchange Commission Chairman Gary Gensler, who has taken a stringent stance toward the cryptocurrency sector.
Some analysts predict that the cryptocurrency market will continue to soar, with Bitcoin potentially reaching the $100,000 mark by year-end. Brian Rudick, managing director of research at crypto market maker GSR, stated earlier, “Through the year-end, I think it will really depend on Trump’s public commentary and whether he continues to spotlight digital assets as a priority.”
Rudick added, “If he continues to reiterate his promises, Bitcoin is likely to continue to act well. If he’s completely silent through the time when he takes the presidency in January, that would not be a good sign, and Bitcoin could give back some of these gains.”
Max Fischer contributed to this report for TROIB News
