Bitcoin Spikes to $85,000 Record High
11 Nov, 2024 ● Crypto News
Bitcoin has surpassed the historic $85,000 mark, potentially setting the stage for a six-figure price before 2025.
According to Cointelegraph data, Bitcoin’s price hit a new all-time high of $85,000 at 18:41 UTC.
This milestone comes just a week after former President Donald Trump won the 2024 U.S. elections, securing his second term in office.
With the new record high, Bitcoin is now only 17.6% away from the psychological $100,000 threshold, which could be reached by the end of 2024.
Trump’s victory has sparked renewed bullish sentiment among investors, leading to increased demand for risk-on assets like Bitcoin, which has seen significant upward momentum since the Republican win.
Ryan Lee, chief analyst at Bitget Research, noted that the election outcome might pave the way for Bitcoin to break $100,000 before the year ends.
The analyst told Cointelegraph that indicators such as implied volatility in the derivatives market and rising open interest in futures suggest traders are preparing for a major price movement:
“Additionally, with the market capitalization of stablecoins hitting a new high and fluctuating around $160 billion, there is room for significant leverage in the market, potentially pushing BTC to reach $100,000 within the next three months.”
Trump’s upcoming presidency is viewed as a positive development for the crypto industry, with expectations for clearer regulations that will promote blockchain innovation.
In addition to Trump’s election, the Republican Party has gained a majority in the Senate, which Coinbase CEO Brian Armstrong described as the “most pro-crypto Congress ever.”
Members of the crypto industry are hopeful that the new Senate will implement policies favorable to financial technology and cryptocurrencies.
Andrey Lazutkin, chief technology officer of Tangem Wallet, shared his perspective with Cointelegraph:
“A Republican Senate would likely prioritize innovation-friendly and industry-supportive policies for the crypto space, creating an environment where US-based crypto companies might operate with greater confidence and less regulatory friction.”
Meanwhile, inflows from U.S. spot Bitcoin exchange-traded funds (ETFs) have also played a role in driving Bitcoin’s price higher.
Sources:
https://cointelegraph.com/news/bitcoin-hits-85k-high-17-left-btc-100k-record
