Bitcoin Hits Record High Above $77K Amid Trump Election Optimism. Bitcoin (BTC) touched another record high on Friday, fueled by ongoing excitement over Donald Trump's election and a potentially more crypto-friendly Congress.
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| Bitcoin Hits Record High Above $77K |
Key Points:
- Bitcoin briefly rose beyond $77,000 on Friday, setting a new all-time high for the cryptocurrency.
- The current bitcoin spike was fueled by Trump's election victory and the expectation of a more crypto-friendly administration.
- Investors poured billions into spot bitcoin ETFs on Wednesday and Thursday. These gadgets store bitcoin and contributed to the cryptocurrency's recent surge in value.
- Following Bitcoin's recent surge, an increasing number of analysts predict that its price will exceed $100,000 before the end of the year.
Bitcoin Hits Record High Above $77K
The largest cryptocurrency by market capitalization reached $77,300 Friday afternoon, only days after breaking other price records. The gains come as the stock market has reached new all-time highs following Trump's resounding victory in the presidential election on Tuesday.
Farside Investors data shows that investors have poured roughly $2 billion into spot bitcoin exchange-traded funds in the last two days. On Thursday alone, these assets saw $1.3 billion in net inflows, with around $1.1 billion going into BlackRock's iShares Bitcoin Trust (IBIT).
These products include bitcoin, and as investors pour money into them, demand for bitcoin increases, pushing prices higher—just like they happened earlier this year.
Trump Win, Pro-Crypto Lawmakers Boost Sentiment
Trump adopted cryptocurrencies this election cycle, reversing his previous criticism and promising to establish a strategic bitcoin reserve. He also promised to replace Gary Gensler, the chairman of the United States Securities and Exchange Commission, during whose term the agency sought severe enforcement against the cryptocurrency business.