Trump’s Re-Election and BlackRock ETF Push Bitcoin to $80,000 for the First Time
The post Trump’s Re-Election and BlackRock ETF Push Bitcoin to $80,000 for the First Time appeared on BitcoinEthereumNews.com.
Bitcoin reaches a new ATH of $80,000 amid pro-crypto U.S. policies. BlackRock’s ETF inflows and Trump’s stance boost Bitcoin’s ascent to a new ATH. According to CoinMarketCap, Bitcoin (BTC) has set a new all-time high (ATH) of $80,000. This spike occurred just days after Donald Trump’s re-election as the 47th President of the United States and following a 25 basis point rate cut by the Federal Reserve. The market reaction shows increasing hope that Trump’s government would assist and advance the crypto sector, as well as laws meant to help validate Bitcoin as a mainstream asset. Bitcoin Rise Fueled by Trump’s Policies and Growing Institutional Interest Expectations about Trump’s possible influence on policies beneficial to cryptocurrencies account much for this most recent Bitcoin surge. Analyst Charles Morris of ByteTree pointed out that the probability of Bitcoin and cryptocurrencies becoming a more major asset class has definitely changed. Promises in Trump’s campaign included establishing a strategic Bitcoin reserve, putting the United States as a worldwide leader in the crypto industry above rivals like China, and assigning pro-crypto officials. Such promises have given investors hope since they anticipate a favorable legislative environment that can drive the sector ahead. Apart from Trump’s support of cryptocurrency, the acceptance of a Bitcoin ETF in the US earlier this year has generated significant institutional interest. This surge of institutional involvement has increased demand and, hence, the value of Bitcoin. Driven mostly by rising capital flow into crypto-oriented ETFs, Binance CEO Richard Teng had earlier estimated that Bitcoin will exceed $80,000 by the end of the year. His forecast now comes true as the demand fuelled by ETF keeps skyrocketing. A few days ago, CNF reported BlackRock’s IBIT fund had an extraordinary one-day inflow of $1.12 billion, reaching an all-time high and underscoring the growing interest from…
Filed under: News - @ November 10, 2024 5:12 pm