According to the report, Bitcoin is hitting new all-time highs, fueled by a post-election rally sparked by Donald Trump’s win. With a crypto ally heading to the White House for the first time, investor excitement is surging.
The largest cryptocurrency reached $89,560 on Monday night, while it had already established $82,000 earlier in the day. This advancement brings the year’s growth to an impressive 126%. Since its inception, BTC has gained more than 129,296% according to data provided by CoinGecko, hence, investing one thousand US dollars ten years ago would place the investment at approximately $1.2 million now.
With Trump coming back into the office in January, most observers expect the BTC price to continue climbing. Some analysts believe this may be enough to send it over the $100,000 barrier as confidence in investors builds.
Donald Trump’s Pro-Bitcoin Stance During His Campaign
During his campaign, Donald Trump took a strong stand in favour of BTC, promoting it as a symbol of financial freedom and a real alternative to traditional banking. Branding himself as the “crypto candidate,” he fully embraced digital assets, even accepting campaign donations in cryptocurrencies like Bitcoin, Ether, Dogecoin, and Solana.
Trump also spoke at a major Bitcoin conference in Nashville, Tennessee, promising to make America a leader in the crypto space.
After Trump’s election win last week, investors started pouring money into Bitcoin-focused exchange-traded funds (ETFs). On Thursday, U.S. Bitcoin ETFs hit a record $1.3 billion in new investments. BlackRock, the world’s largest asset manager, led with over $1 billion in its Bitcoin ETF, while Fidelity saw $190 million in new funds, according to data from Farside.
With Bitcoin reaching all-time highs, the whole crypto market is on the rise. Ether, for example, topped $3,100 as of Monday morning. Dogecoin jumped 18% in the last 24 hours, while Solana rose by 6%.
The total value of the global crypto market is now $2.79 trillion, up nearly 3% in just the past day, according to CoinMarketCap.
Bitcoin Gets Over $2.8 Billion Bet on Topping $90,000
Bitcoin bets are heating up, with open interest in its price surpassing $90,000, reaching over $2.8 billion on Deribit, a leading platform for crypto futures trading. Deribit holds a large share of the global options market outside of the U.S.
A call option allows someone to buy an asset at a set price within a specific timeframe, essentially betting that prices will go up. A put option, on the other hand, is a wager on prices dropping.
In the U.S., CME offers bitcoin futures contracts, a popular route for institutions to speculate on BTC future price. Lunde noted that CME premiums for ether and bitcoin were at 14.5% and 14% on Friday, up from around 7% before the election, with most of the past six months averaging just below 10%.
BlackRock’s BTC ETF Is Now Bigger Than Its Gold Fund
The iShares ETFs belonging to the world’s biggest asset manager, BlackRock, now hold more BTC than Gold. Here’s the scoop: BlackRock’s Bitcoin Trust ETF, namely IBIT, which was launched in January, has more net assets than the list oldest ETF, the iShares Gold ETF.
BlackRock took over the gold ETF from Barclays in 2009, so this is a surprising shift for the firm. As of Thursday, BlackRock’s BTC ETF has hit a value of $33.17 billion, while its gold ETF trails slightly behind at $32.96 billion, based on the company’s latest numbers.
BTC underwent a new phenomenon on Monday, with prices reaching as high as $89,560. Following the election win for Donald Trump, investors expect a surge in the value of BTC, citing Trump as a major influencer for the coin. Trump, endorsing himself as the “crypto candidate”, endorses bitcoin saying it depicts financial liberty and a substitute to traditional centers. Such backing would create a lot of attention towards cryptocurrency. Consequently, the open interest on Deribit went up to over $2.8 billion, emphasizing how prestigious digital assets were.
For more information on how the US election impacts the economy, follow TurkishNY Radio on Tumblr, Telegram, and LinkedIn.
