Bitcoin breaks $82,000 after Trump’s re-election
Bitcoin's uptrend follows Donald Trump's presidential victory last week, with bitcoin up more than 30% in value over the past 30 days and institutional interest in Bitcoin ETFs increasing, according to BlackRock's IBIT ETF, with daily inflows reaching $1.12 billion.
Bitcoin hit another record high above $82,000 on Monday, boosted by Donald Trump's re-election to the White House last week.
According to data from CoinMarketCap, the price of bitcoin has risen more than 19 percent in the past seven days and more than 30 percent in the past 30 days. Speaking to X, host of the Pomp Podcast, Anthony Pompliano, said:
“The first Bitcoin president was elected in US history and Bitcoin reached $80,000 in a week. The market is preparing itself,” he said.
The first pro-Bitcoin president in US history was elected and Bitcoin hit $80,000 in one week.
The market is preparing itself.
— Anthony Pompliano 🌪 (@APompliano) November 10, 2024
Trump's win helped boost crypto prices, but many don't think it was the only reason. In response, Sleep Money Maker said, “Think beyond a week or a single event. We've been watching for decades as the control tussle begins to unravel. When barriers fall, capital flows – this is market physics in practice.
Speaking to CoinJournal last week, James Toledano, COO at Unity, a self-governing crypto wallet, said it was “outrageous” to suggest that the US election directly caused price increases.
In the long term, it won't be an election that will drive the crypto market, but “broader macroeconomic events, technological advances, market sentiment and things outside the control of the next president,” Toldiano explained.
Institutional appetite for Bitcoin is increasing.
Institutional interest in Bitcoin has reached a new high with BlackRock's iShares Bitcoin Trust (IBIT) Exchange-Traded Fund (ETF) bringing in a record $1.12 billion in daily revenue. This follows BlackRock setting a new record in October when its total assets reached $30 billion in 293 days.
Speaking about the recent price rally, Toledano said:
“Bitcoin as a key investment vehicle and institutional investors are not only recognizing Bitcoin's resilience as an asset class, but are also allocating capital in response to favorable macroeconomic conditions, including recent price declines and political changes.”
Other coins that are rallying include Ethereum, above $3,100, Solana, at $216, and Dogecoin, up 158% last month at $0.2877.
