Bitcoin Hits $8.4K, Best Daily Earnings in Eyes 90K Milestones
Bitcoin is nearing the $90,000 mark after posting its biggest daily gain in history.
Bitcoin (BTC) prices are nearing a record high of $90,000 after posting the best weekly gain since the March 2023 banking crisis in the United States.
After surpassing the record high of $85,000 hit on Nov. 11, Bitcoin recorded its best daily gain in history, rising above $8,400 in a single day, said Alex Thorne, head of research at Galaxy, writing in the Nov. 12 X Post.
“November 11, 2024 was the biggest daily gain in Bitcoin history.”
Bitcoin's biggest daily moves. Source: Alex Thorn
In comparison, Bitcoin's second-best daily gain occurred in August 2021, when the price of bitcoin increased by more than $7,576 in 24 hours, from $38,871 to $46,448.
The world's first cryptocurrency is up more than 28% on the weekly chart, trading above $88,006 as of 9:56 a.m. UTC, according to Cointelegraph data.
BTC/USD, 1-month chart. Source: Cointelegraph
Some market analysts believe that Donald Trump's victory in the US presidential election has set the stage for a further threat to the asset demand that will take bitcoin above $100,000 before the end of 2024.
Related: Trump Presidency May Bring SEC Reform and Pro-Crypto Regulations
Bitcoin ETFs Record Second Billion Dollar Revenue Day in a Week
The US-based space for Bitcoin Exchange Traded Funds (ETFs) continues to contribute to Bitcoin's parabolic rally.
The Bitcoin ETF posted a net positive gain of $1.1 billion on Nov. 7 after accumulating more than $1.37 billion worth of bitcoins on Nov. 11, data from Farside Investors shows.
Bitcoin ETF in US dollars, millions. Source: Farside Investors
Following Bitcoin's rally on Nov. 11, Bitcoin ETFs, MicroStrategy and Coinbase surged to $38 billion in combined daily trading volume, surpassing the previous high of $25 million set in March.
Related: Two Bitcoin Whales Buy $142M BTC After Trump's Victory
Trump's Victory Fueled Bitcoin's Parabolic Rally – The Next $1 Million BTC Price?
Bitcoin's price has been on a run since Trump's victory, which is widely associated with the prospect of improved crypto regulations and monetary policy.
The Trump administration's upcoming economic policies could push Bitcoin's price past $1 trillion, Hayes wrote in a Nov. 12 blog post:
“It took $4 trillion to reduce the debt-to-nominal GDP ratio from 132 percent to 115 percent. Let's say the US lowers it further to 70%, which is what the ratio was in September 2008. Using linear extrapolation alone, the equivalent of $10.5 trillion in credit would need to be created to accomplish this favor. This is how Bitcoin goes to $1 million because prices are set on margin.
Quantitative easing refers to monetary policy in which the central bank buys a predetermined amount of government bonds to stimulate economic activity through injections of liquidity.
Similar liquidity injections boost the value of Bitcoin by encouraging investors to seek higher returns in alternative assets.
Magazine: Asian Crypto Traders Profit From Trump Win, China's 2025 CBDC Deadline: Asia Express
