Cryptocurrency Bitcoin reaches new heights after Trump's election victory
Donald Trump's recent election victory has pushed the price of Bitcoin to over 87,000 US dollars, further boosting the cryptocurrency.
11.11.2024, 22:15
SDA
The Bitcoin price reached a new high on Monday evening Central European Time, exceeding the USD 87,000 mark. The latest rise is largely driven by Donald Trump's victory in the US presidential election last week.
On the Bitstamp trading platform, the oldest and best-known cryptocurrency reached a record value of 87,475 dollars, after trading below 70,000 dollars before the elections. Other digital currencies such as Ether and Solana also continue to see high demand.
Donald Trump, the Republican candidate, enjoyed strong support within the crypto community during the election campaign. Although he made critical statements about Bitcoin during his first term, he has recently been actively courting the favor of crypto supporters. At a major Bitcoin conference in Nashville, Trump promised to leave the crypto market largely unregulated and provide cheap electricity for Bitcoin mining.
Rapid growth
Timo Emden from Emden Research commented: "The pace of the current bull market remains impressive and frightening at the same time." He described the development as a "Trump trade" and added: "In addition, speculators are probably simply afraid of not being part of the current rally. A not insignificant proportion of investors are likely to have jumped on the bandwagon almost blindly and in panic."
Despite the impressive price gains, there is also growing concern about possible setbacks. The 90,000 dollar mark could soon be reached, which could further increase market volatility.
