BTC Reaches $96,000 Milestone Fueled by Positive Sentiment on Trump’s Crypto Initiatives
Bitcoin Soars to Record $96,000 as Trump’s Crypto Policies Spark Unprecedented Adoption.
Key Takeaways:
- Bitcoin reached a record-breaking $96,000 on November 21, marking a new all-time high.
- Bitcoin’s value has more than doubled this year, rising 40% since Donald Trump's election win.
- Donald Trump's pro-Bitcoin campaign and vocal crypto-friendly policies have fueled increased adoption and, in turn, raised prices.
On November 21, Bitcoin soared to a record high of $96,800, bringing it closer to the much-anticipated $100,000 milestone. This BTC price surge follows Donald Trump’s recent election victory and his vocal support for Bitcoin.
BTC Price Jumps Over 40% After Trump’s Victory in U.S. Presidential Election
According to CoinMarketCap market data, BTC price has jumped over 40% since Donald Trump’s U.S. presidential election victory on November 5 and edged into an overbought territory, a promising indicator of further all-time highs.
Since the election, more than $4 billion has been invested into U.S.-listed Bitcoin exchange-traded funds (ETFs). A standout moment came on November 20, when options contracts for BlackRock’s iShares Bitcoin Trust ETF (IBIT) reached an unprecedented $1.9 billion in exposure on its debut day.
This record-setting activity coincided with Bitcoin reaching $94,041, marking another milestone in its meteoric rise.
The crypto boom has extended beyond Bitcoin, with related stocks riding the wave. MicroStrategy, known for holding a staggering 331,200 BTC, saw its shares become the most traded in America on November 20, surpassing tech giants like Tesla and Nvidia.
Meanwhile, Bitcoin mining firm Mara Holdings recorded a 14% jump in its stock overnight, highlighting the broad market excitement.
Adding to the buzz, MicroStrategy CEO Michael Saylor reportedly met with Microsoft executives to discuss the company’s potential entry into Bitcoin investments. These developments reflect a growing institutional interest, further fueling the digital asset's momentum.
This bullish frenzy appears to stem from investor optimism around Trump’s anticipated pro-crypto policies when he assumes office on January 20, 2025. The former president has identified himself as a Bitcoin supporter, positioning his administration as a champion for digital innovation.
During his campaign, Trump pledged to make the United States the global hub for cryptocurrency.
At a Bitcoin conference in Nashville earlier this year, he even floated the idea of establishing a national Bitcoin reserve as part of a broader economic strategy. He described this as a move to fortify U.S. financial stability and strengthen its role in global finance.
Many believe Trump’s presidency will deliver the clarity and support the crypto market needs, setting the stage for BTC value to reach unprecedented heights.
Analysts Predict More Meteoric Rise for BTC Price
As Bitcoin continues its remarkable rise, analysts are predicting an even greater surge in the near future.
On November 12, Matt Hougan, Chief Investment Officer of Bitwise, shared his optimism about Bitcoin’s long-term growth, noting that the asset is still in its early stages and that its true potential will only be realized when its value reaches $500,000 per coin.
In the same vein, Matthew Sigel, Head of Digital Asset Research at VanEck, echoed these positive predictions.
In an interview with CNBC’s Squawk Box on November 14, Sigel suggested that the current surge in Bitcoin’s price could last well into 2025. He even projected that Bitcoin could reach as high as $180,000 before the rally peaks.
Sigel pointed to historical trends, noting that Bitcoin doubled in value between the 2020 U.S. election and the year’s end despite enduring several 10% corrections along the way.
The ongoing 40% rally in Bitcoin's price shows signs of similar momentum, which gives analysts reason to be optimistic about its continued growth.
Jimmy Aki
Drawing from his background in economics, Jimmy has monitored blockchain development for years, firmly believing in its power to democratise finance. Beyond offering commentary on the latest crypto developments, he also spends his time analysing open-source codes of promising projects on GitHub. Jimmy holds Bitcoin and Ethereum.
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