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Cryptocurrency News Articles
Bitcoin booms with Trump victory: where to next?
Nov 07, 2024 at 01:19 pm
Bitcoin’s resurrection has been almost as impressive as Donald Trump’s, and has cryptocurrency enthusiasts crowing.
Bitcoin has enjoyed a remarkable resurgence in recent months, almost mirroring the rise of Donald Trump to the US presidency.
After a torrid 2015, when the cryptocurrency crashed from almost $US1200 to below $US400, Bitcoin has enjoyed a seven-fold increase in value this year.
Now trading at about $US7500, Bitcoin has broken through the key psychological barrier of $US5000 and is on track for its biggest annual gain since its creation in 2009.
But what’s next for Bitcoin after such a stellar performance?
Bitcoin booms with Trump victory: where to next?
Bitcoin’s resurrection has been almost as impressive as Donald Trump’s, and has cryptocurrency enthusiasts crowing.
Bitcoin booms with Trump victory: where to next?
Bitcoin’s resurrection has been almost as impressive as Donald Trump’s, and has cryptocurrency enthusiasts crowing.
The Australian Pass Complimentary access
The Australian Pass Complimentary access
The Australian Pass
The Australian Pass
RISING AGAIN: Bitcoin has enjoyed a seven-fold increase in value this year.
RISING AGAIN: Bitcoin has enjoyed a seven-fold increase in value this year.
The cryptocurrency’s resurgence has been fuelled by a range of factors, including the Trump victory, increasing institutional interest and a surge in demand from China.
But while Bitcoin enthusiasts are celebrating the cryptocurrency’s return to form, some analysts are warning that the recent gains may be unsustainable.
“Bitcoin’s seven-fold surge this year has been fuelled largely by speculation, and the cryptocurrency could struggle to sustain such gains without a broader adoption,” said ThinkMarkets Australia senior analyst Matt Simpson.
“Bitcoin’s recent gains have largely been driven by Trump’s victory, which has sparked a ‘risk-on’ mood among investors, and a surge in demand from China, which has been buying up the cryptocurrency to send money overseas.”
“However, once these factors subside, Bitcoin’s seven-fold surge this year could struggle to continue.”
But others believe that Bitcoin still has plenty of room to grow, especially given the increasing institutional interest in the cryptocurrency.
“Bitcoin’s seven-fold surge this year has been remarkable, but it’s still a long way from its 2015 peak, and there’s still plenty of institutional money that could flow into the cryptocurrency,” said AvaTrade Australia market analyst Kyle Rodda.
“Bitcoin’s seven-fold surge this year has been driven largely by a combination of factors, including the Trump victory, increasing institutional interest and a surge in demand from China.”
“But while some analysts are warning that the recent gains may be unsustainable, others believe that Bitcoin still has plenty of room to grow, especially given the increasing institutional interest in the cryptocurrency.”
“With Bitcoin now breaking through the key psychological barrier of $US5000, and on track for its biggest annual gain since its creation in 2009, it will be interesting to see where the cryptocurrency heads next.”
More from The Australian
Business
Bitcoin booms with Trump victory: where to next?
Bitcoin’s resurrection has been almost as impressive as Donald Trump’s, and has cryptocurrency enthusiasts crowing.
Business
Bitcoin booms with Trump victory: where to next?
Bitcoin’s resurrection has been almost as impressive as Donald Trump’s, and has cryptocurrency enthusiasts crowing.
The Australian Pass Complimentary access
The Australian Pass Complimentary access
The Australian Pass
The Australian Pass
RISING AGAIN: Bitcoin has enjoyed a seven-fold increase in value this year.
RISING AGAIN: Bitcoin has enjoyed a seven-fold increase in value this year.
The cryptocurrency’s resurgence has been fuelled by a range of factors, including the Trump victory, increasing institutional interest and a surge in demand from China.
But while Bitcoin enthusiasts are celebrating the cryptocurrency’s return to form, some analysts are warning that the recent gains may be unsustainable.
“Bitcoin’s seven-fold surge this year has been fuelled largely by speculation, and the cryptocurrency could struggle to sustain such gains without a broader adoption,” said ThinkMarkets Australia senior analyst Matt Simpson.
“Bitcoin’s recent gains have largely been driven by Trump’s victory, which has sparked a ‘risk-on’ mood among investors, and a surge in demand from China, which has been buying up the cryptocurrency to send money overseas.”
“However, once these factors subside, Bitcoin’s seven-fold surge this year could struggle to continue.”
But others believe that Bitcoin still has plenty of room to grow, especially given the increasing institutional interest in the cryptocurrency.
“Bitcoin’s seven-fold surge this year has been remarkable, but it’s still a long way from its 2015 peak, and there
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- Fed Rate Decision Preview: 25 Basis Point Cut Expected, But Spotlight Will Shift to Chair Powell's Outlook on Future Policies
- Nov 07, 2024 at 05:45 pm
- When the Federal Reserve wraps up its latest meeting on Thursday, investors anticipate a notable, though predictable, outcome: a 25 basis point interest rate cut.
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- Leonidas, the Founder of Runestone, Has Written to Coinbase Seeking Clarification on ‘Fair and Transparent Listing’ of Bitcoin-based Memecoin, $DOG
- Nov 07, 2024 at 05:35 pm
- Leonidas submitted an open letter to Armstrong and Coinbase via Twitter, an action that essentially builds on their previous request wherein they sought the team to address their issues about fair listing and transparency for DOG tokens.
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- First Neiro On Ethereum Price Breaks Through A Strong Resistance, presale funds raised by layer 2 meme coin Pepe Unchained (PEPU) have blasted past $25.2 million
- Nov 07, 2024 at 04:25 pm
- The First Neiro On Ethereum price soared more than 43% in the last 24 hours to trade at $0.002081 as of 11:24 p.m. EST as an investor frenzy erupts around the meme coin. With the recent surge, the NEIRO price managed to boost its weekly performance out of the red zone and also add to its impressive streak over the last year. As a result, the crypto is in the green by more than 21% over the past 7 days and over 48,700% on the yearly time frame.
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