Business

Bitcoin hits $80,000 mark amid post-US election bull run  

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.

Enews Nigeria

About the author

eNews Nigeria

eNews Nigeria is your go-to source for the latest news, celebrity gossip, and trending stories. Our team works tirelessly to deliver reliable and engaging content that keeps our audience informed and entertained.