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Bitcoin hits record high of over ,000 on Trump’s election optimism
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Bitcoin hits record high of over $77,000 on Trump’s election optimism

Key recommendations

  • Bitcoin briefly surpassed $77,000 on Friday, a new all-time high for the cryptocurrency.
  • Bitcoin’s recent rally was driven by Trump’s election victory and the promise of a more crypto-friendly administration.
  • Investors poured billions into spot bitcoin ETFs on Wednesday and Thursday. These products hold bitcoin and helped propel bitcoin to record highs earlier this year.
  • Bitcoin’s recent surge has led to a growing number of analysts calling for its price to surpass $100,000 by the end of the year.

Bitcoin (BTCUSD) hit another record on Friday amid continued optimism about the election of Donald Trump and a potentially more crypto-friendly Congress.

The largest cryptocurrency by market capitalization rose to $77,300 on Friday afternoon, just days after creating other price milestones. Earnings come as the stock market also hit a series of all-time highs following Trump’s decisive victory in the presidential election on Tuesday.

In the past two days, investors poured nearly $2 billion into bitcoin exchange-traded funds, according to data from Farside Investors. On Thursday alone, these products saw net inflows of $1.3 billion, with about $1.1 billion of those funds going to BlackRock’s iShares Bitcoin Trust (IBIT).

These products hold bitcoin, and with investors pouring money into them, they can fuel demand for bitcoin, pushing prices higher — just as they did. at the beginning of this year.

Trump Win, Pro-Crypto Lawmakers Boost Sentiment

Trump has embraced cryptocurrencies this election cycle, a reversal of his earlier criticism, and has promised to create a strategic bitcoin reserve. He also promised to replace Gary Gensler, chairman of the US Securities and Exchange Commission, under whose mandate the agency has pursued tough enforcement against the crypto industry.

This election also brought more pro-crypto MPs into office. According to Coinbase research, “The House of Representatives won 263 pro-crypto candidates to 118 anti-crypto candidates, and the Senate won 18 pro-crypto candidates to 12 anti-crypto candidates.”

What’s next? Bitcoin at $100,000?

This not only fuels short-term investor excitement, but also leads to increasing predictions of bitcoin prices breaking the $100,000 mark.

In a recent note, Bitwise CIO Matt Hougan said he expects bitcoin prices to exceed $100,000 by the end of this year. And he is not the only one.

“Six figures are still possible for (bitcoin) before the end of the year and then more next year,” Fundstrat head of research Tom Lee said. CNBC Friday.