Bitcoin Approaches $80,000 Following Trump's Presidential Win

Bitcoin is on the verge of hitting the $80,000 mark, spurred by President-elect Donald Trump's endorsement of digital assets and the anticipated support from pro-crypto lawmakers in Congress. The cryptocurrency experienced a remarkable surge, surpassing $79,000 for the first time during a weekend rally, which resulted in the liquidation of $280 million in short positions across the crypto market.

Record Highs and Market Dynamics

On November 10, Bitcoin reached a peak of $79,771, reflecting a 4.3 percent increase. As of 2:05 PM in Singapore, it remained just below $79,000. Other cryptocurrencies, such as Cardano and Dogecoin, also benefited from this bullish trend. The rise in Bitcoin's value extended its weekly gains to over 16 percent, fueled by two significant events: Trump's election and the Federal Reserve's recent interest rate cut of 25 basis points.

Impact of Weekend Trading Trends

Weekend trading typically sees lower volumes, which can lead to more pronounced price movements. This recent surge indicates that retail investors may be driving the price increase, a promising sign of widespread interest in the market.

Trump's Vision for Cryptocurrency

Throughout his campaign, Trump has expressed a commitment to establishing the U.S. as a leader in the digital asset sector. His proposed policies include accumulating Bitcoin reserves and appointing regulators to oversee the industry.

2024 Market Performance

So far in 2024, Bitcoin has surged approximately 90 percent, driven by strong demand for U.S. exchange-traded funds (ETFs) and the Federal Reserve's interest rate cuts. This performance has outpaced traditional investments like stocks and gold.

Contrasting Approaches to Crypto Regulation

Trump's pro-crypto stance stands in stark contrast to that of President Joe Biden, whose administration has adopted a more cautious approach towards digital assets. The SEC under Biden has intensified its scrutiny of the crypto industry, particularly after the collapse of the FTX exchange in 2022.