By John Meyer, consultant in financial affairs – Eurasia Business News, November 10, 2024. Article n°1299.
Bitcoin has achieved a significant milestone by crossing the $79,000 mark for the first time in history. This surge is attributed to a combination of factors, including a bullish sentiment in the cryptocurrency market following Donald Trump’s recent election victory, which many traders view as favorable for digital assets.
In addition, the U.S. Federal Reserve cut rates by 25 basis points, a move that fuels the crypto market with liquidity.
Polymarket bettors currently see a 31% chance of the Bitcoin price reaching the $90,000 mark as soon as this month.
Historic Price Surge: Bitcoin reached an all-time high of approximately $79,629 on the Bitstamp exchange, marking a notable increase amid a broader bullish trend in the crypto market. Bitcoin has been surging since Tuesday, after the Trump large win in the U.S. 2024 presidential elections.
Market Dynamics: The price increase follows a 4% rise, extending Bitcoin’s gains over the past week to more than 16%, driven by heightened demand from U.S.-based traders on platforms like Coinbase.
Impact of Political Events: The optimism surrounding Trump’s election is linked to expectations of supportive regulations for cryptocurrencies. Analysts suggest that his administration may prioritize digital assets, contrasting with previous regulatory approaches.
Liquidation of Short Positions: There has been significant liquidation in short positions, with over $384 million worth of crypto liquidated recently. This indicates that many traders betting against Bitcoin have faced substantial losses, further fueling the upward momentum.
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Future Projections: Market analysts are speculating about the potential for Bitcoin to reach even higher levels, with some predicting it could hit $90,000 or even $100,000 by the end of the year.
This milestone reflects not just a price increase but also a shift in market sentiment and investor confidence in Bitcoin’s future amidst changing political landscapes and regulatory expectations.
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© Copyright 2024 – Eurasia Business News. Article no. 1291
Eurasia Business News 