What could stop Bitcoin? As Donald Trump was recently re-elected President of the United States, the price of BTC is breaking records daily, crushing its previous historic ATH. Today, Bitcoin has even exceeded the historic threshold of $80,000.
Bitcoin exceeds $80,000, pushed by the election of Donald Trump
Since Donald Trump's victory in the last American elections, not a day goes by without Bitcoin breaking its previous record. Today, the king of cryptocurrencies has exceeded the historic threshold of $80,000marking an increase of more than 15% in just over 4 days.
While the United States is perceived as a hostile territory for the crypto ecosystem, in particular because of the Securities and Exchange Commission (SEC) led by Gary Gensler, Donald Trump's victory brings a wave of relief among investors, the latter seeing this as a relaxation of future regulation, not to say a favorable framework.
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Bitcoin price progress since election night in the United States
Indeed, among the many points that separated Republican Donald Trump from his Democratic rival Kamala Harris, we find the subject of crypto, on which the former president did not skimp. He had notably promised to fire Gary Gensler, to constitute a strategic reserve of Bitcoins, to free Ross Ulbricht (the founder of Silk Road), or even to develop BTC mining made in usa.
And now that the American Senate and the House have a majority of pro-crypto elected officials, everything suggests that the blockchain industry will now be able to evolve in a more favorable environment in the United States.
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Spot Bitcoin ETFs launched in the United States last January continue to support BTC, with massive inflows in recent days. On the day of November 7 alone, more than 1.36 billion dollars were injected into these investment vehiclesthe vast majority on the IBIT, the ETF of the financial giant BlackRock.
A performance such that the latter, which is only 11 months old, exceeded the value under management of the iShares Gold Trust (IAU), BlackRock's gold-backed ETF which is almost 20 years old. .
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Evolution of inflows and outflows on spot Bitcoin ETFs in the United States
At the same time, the United States Federal Reserve announced a quarter-point cut in its key rates this Friday, as expected, adding some optimism to the markets.
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With the price of Bitcoin hovering around $80,000, the market capitalization of the latter now exceeds $1.5 trillion. According to some analysts, Bitcoin is now well established in a bullish structure, and it could exceed $100,000 before the end of the year.
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Sources: TradingView, Coinglass
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