“Make Bitcoin Great Again” hats on display for sale at the Bitcoin 2024 conference in Nashville, Tennessee, July 27, 2024.
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Bitcoin prices are having one of the best months of the year, as former President Donald Trump’s election victory led Bitcoin prices to consistently set new records throughout the month.
According to Coin Metrics, Bitcoin is on pace to post a 38% gain in November, which would be its best month since February, when it rose 45% after the launch of the Spot Bitcoin ETF. This also exceeded the first new record of the year since November 2021.
Bitcoin rises to best month since February
On an intraday basis, Bitcoin was last up more than 2% at $97,081.81. It previously traded at a high of $98,722.00. coinbase Bitcoin agency fell 4.75% micro strategy and Mara Holdings They rose by 0.67% and 1.86%, respectively.
Investors were pricing in Trump’s inauguration as president for a second term in November. During this year’s re-election campaign, he pitched himself to the American public as the candidate to lead the crypto industry out of a dark age defined for many by a lack of clear digital asset regulation and an enforcement-by-regulation approach by securities and financial institutions. is. The Exchange Commission, under Chairman Gary Gensler, is working on the cryptocurrency business.
Trump’s victory pushed Bitcoin’s gains to just a few hundred dollars short of the expected $100,000 milestone. President Trump’s re-election is expected to add a new layer of legitimacy to the young crypto industry, but it will also act as a macro catalyst, increasing budget deficits, increasing the potential for inflation, and increasing the dollar’s international value. This suggests a change in the role of the person. This will have a positive impact on the price of Bitcoin.
After the election, Bitcoin ETFs led by BlackRock’s popular IBIT fund experienced significant inflows, including the largest inflow ever, initially from long-term holders who took profits at new highs. This offset the selling pressure. Around the same time, options trading for Bitcoin ETFs began, launching a new way to trade and speculate on Bitcoin prices.
Bulls predict that Bitcoin’s price could reach $100,000 by the end of 2024 and double by the end of 2025. While the US election results pushed prices higher in the short term, many investors agree that Bitcoin’s catalytic influence will remain in 2024. The coin is already largely de-risked from a regulatory perspective, with little uncertainty about how it will be traded and its role as digital gold, giving investors confidence. Its fundamentals are to keep the price rising.
Specifically, prices are expected to rise due to a combination of a decline in Bitcoin supply since the halving in April of this year, and increased demand for Bitcoin by states and nations as government agencies and treasury reserve assets. . The peak of a Bitcoin cycle typically takes at least a year after the halving.
