Bitcoin Hits ATH Above $76K and Ethereum Finally Awakes, Surging to 3-Month High
The post Bitcoin Hits ATH Above $76K and Ethereum Finally Awakes, Surging to 3-Month High appeared on BitcoinEthereumNews.com.
Bitcoin prices reached a record high of $76,444 during late trading on Wednesday, building on previous price peaks earlier in the day. The move comes as the US presidential election results filtered in throughout the day and Donald Trump was declared the winner. Trump crossed the 270 electoral vote threshold with 295 to Kamala Harris’ 226, with just 17 more electoral votes to be counted in Nevada and Arizona at the time of writing. “America has elected the most pro-crypto Congress in history,” stated the country’s largest exchange, Coinbase, in a post on X on Nov. 6. Bitcoin Booms on Trump Win The big Bitcoin boom has resulted in the asset gaining a solid 20% over the past month and pushing its year-to-date gains to 78%. The asset had retreated slightly during the Thursday morning Asian trading session, pulling back to trade at $74,500 at the time of writing. Crypto industry analysts and commenters were rejoicing at the Trump victory, with ‘The Bitcoin Therapist’ telling his 140,000 X followers that “Trump is going to send Bitcoin to $250K.” Additionally, Bitcoin has surpassed Facebook’s parent Meta in terms of market capitalization, which is currently $1.48 trillion compared to Meta’s $1.44 trillion, according to CompaniesMarketCap. Moreover, talk of a strategic Bitcoin reserve for the United States has been revived again, adding to the momentum. The United States needs a Strategic #Bitcoin Reserve. https://t.co/ZKy3WMbuaz — Michael Saylor⚡️ (@saylor) November 6, 2024 There has also been a boom in institutional interest, as spot Bitcoin ETFs saw huge inflows on Wednesday, reversing a three-trading-day trend of outflows. Bloomberg ETF analyst Eric Balchunas commented that the BlackRock IBIT ETF just had its biggest volume day ever, with $4.1 billion traded. “For context, that’s more volume than stocks like Berkshire, Netflix, or Visa saw today,” he added. Boomers…
Filed under: News - @ November 7, 2024 6:19 am