By John Meyer, consultant in financial affairs – Eurasia Business News, November 11, 2024. Article n°1303. Update on November 12.

Bitcoin has reached a new all-time high, surpassing $ 87,000 on November 11.

The Dow Jones Industrial Average to a close above 44,000 for the first time.

This surge is largely attributed to the market’s reaction to President-elect Donald Trump’s victory in the U.S. presidential election, which has generated optimism about a more favorable regulatory environment for cryptocurrencies.

In addition, the dollar is strengthening and stock futures are higher. Shares of Tesla and Trump Media rose before the bell, along with banks.

Bitcoin’s price increased significantly from just under $80,500 to over $84,500, marking a rise of more than 17% since November 6, when Trump won the election. The cryptocurrency’s value has now risen approximately 86% this year alone.

International stock markets were mixed. European indexes rose, as did mainland Chinese benchmarks, but Hong Kong’s Hang Seng fell 1.5%. Analysts and investors anticipate that if Trump adopts higher tariffs for imports, European and Chinese exporters will suffer.

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Market Sentiment: Analysts suggest that traders and investors are betting on a more supportive regulatory framework under Trump’s administration, which is expected to benefit the cryptocurrency market. Donald Trump’s campaign included promises to establish a pro-crypto stance and to potentially replace current SEC Chairman Gary Gensler, who has been known for stringent regulations on digital assets.

Broader Market Impact: The rally in Bitcoin has also positively impacted other cryptocurrencies, with notable increases in assets like Ethereum and Dogecoin. The overall cryptocurrency market cap has risen to approximately $2.79 trillion, reflecting a nearly 3% increase within a day.

Experts predict that if this bullish trend continues, Bitcoin could potentially reach or exceed the $100,000 mark in the near future.

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© Copyright 2024 – Eurasia Business News. Article no. 1303.