Bitcoin reaches a new record above $82,000

Bitcoin reaches a new record above ,000

November 11, 2024 – 08:44

The crypto momentum generated by the election of Donald Trump and growing congressional support for cryptocurrencies creates a favorable environment that could take Bitcoin and other currencies in general to new highs.

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Bitcoin hit an all-time high and surpassed $82,000 on Monday, driven by Donald Trump’s pro-crypto stance following his election as the 47th president of the United States and the possibility of a cryptocurrency-friendly Congress. As a result, other currencies such as Solana, Cardano and Dogecoin They also recorded significant gains.

The price of Bitcoin is around $82,327 this Monday. Thus, it increases almost 20% in the last seven days and close to 3% in the last hours. Meanwhile, Ethereum is trading above US$3,000 and has seen a rise of almost 30% in the last week, although in the last few hours it has dropped.

The cryptocurrency market has surged to unprecedented peaks recently, while US stocks have enjoyed their best performance of the year. This rally brought Bitcoin’s market capitalization to $1.6 trillion, raising the total valuation of the crypto market to $2.8 trillion.

Additionally, the rise in Bitcoin prices led to the liquidation of 211,649 traders, with total liquidations reaching $624.9 million in the last 24 hours, according to CoinGlass.

Bitcoin market, is a strong rally coming?

The election of a pro-crypto president also brought with it a Congress that supports digital assets. Pro-cryptocurrency candidates have secured many seats this time around. In the House of Representatives, 266 pro-crypto representatives were elected, far outnumbering the 120 who oppose it.

A pro-crypto environment in the US, ambitious plans for Bitcoin strategic reserves and a 25 basis point cut in interest rates have created an ideal scenario for Bitcoin and the crypto market in general. The true impact will become evident once Trump takes office. Whether you keep your promises or not will determine the outcome. Until then, the market appears poised for growth.

The Bitcoin Law proposes that the US government

The Bitcoin Act would position Bitcoin as a strategic reserve asset, similar to gold. As a result, the US government would seek to acquire up to 5% of the total Bitcoin supply and include it in national reserves.

The policy states that the US government will retain its current and future holdings of Bitcoin. A “national strategic Bitcoin storage” will be created, ensuring that all acquired or existing Bitcoin remains in government reserves.

Source: Ambito

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