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Cryptocurrency News Articles

BITCOIN HITS NEW RECORD HIGH

Nov 11, 2024 at 01:52 pm

Bitcoin soared to a new record high, crossing the $81,000 mark on Monday. This rally is fuelled by the potential of a favourable regulatory environment

BITCOIN HITS NEW RECORD HIGH

Bitcoin soared to a new record high on Monday, crossing the $81,000 mark in a rally fuelled by the potential for a favourable regulatory environment following Donald Trump’s recent election victory in the US.

The world’s largest cryptocurrency was trading at $81,119.61 as of 11 AM, giving it a market cap of $1.6 trillion.

Trump’s pro-crypto stance during his campaign has been a major driver of this surge. He promised to make the US the “crypto capital of the planet” and proposed policies such as building a national Bitcoin reserve and appointing regulators to support the industry. These promises have sparked optimism among investors, with expectations that his administration could introduce crypto-friendly regulations.

Many in the market believe Trump’s plans for Bitcoin and other digital assets have set the stage for the recent surge. His win has increased hopes for a friendly environment for digital assets, which many investors see as a shield against inflation and traditional market swings.

Sumit Gupta, co-founder of CoinDCX, sees Bitcoin’s $81,000 milestone and $1.5 trillion market cap as a sign of renewed optimism.

"Bitcoin’s record-breaking surge is backed by strong fundamentals and signals from the recent US election that suggest pro-crypto policies may be on the horizon. This shows Bitcoin’s strength as a hedge against regular market ups and downs," he said.

Gupta also highlighted how growing interest from large institutions and the introduction of Bitcoin ETFs (exchange-traded funds) have played a key role in Bitcoin’s rise.

“With favourable regulatory support, we could see even more adoption from institutions, which may mark the end of the ‘crypto winter’ and strengthen the digital asset market further,” he added.

Gupta explained that the $100,000 mark is now the next big target for Bitcoin, which could be reached with continued institutional backing, expanding ETF markets, and supportive regulations.

"Bitcoin’s unique qualities like its scarcity, decentralisation, and increasing acceptance make it an appealing choice in a diversified portfolio," he noted.

One of the significant factors behind Bitcoin’s rising value is the growing interest from institutional investors. The approval of Bitcoin ETFs in the US earlier this year has made it easier for these institutions to invest in Bitcoin legally, which has increased demand. ETFs provide a regulated way for both individual and institutional investors to gain exposure to Bitcoin without needing to directly buy or manage the cryptocurrency.

Edul Patel, CEO of Mudrex, believes Bitcoin’s all-time high is a result of several factors.

"Firstly, the approval of Bitcoin spot ETFs by the US SEC has been a game-changer, making it simpler for institutions to enter the market. Secondly, rate cuts in major regions, including the US, EU, and China, have led to higher cash flow, with more people willing to invest in alternatives like cryptocurrencies,” he explained.

Patel also said that Trump’s pro-Bitcoin stance has led more institutions to purchase Bitcoin in anticipation of friendlier regulations. He pointed out that nearly 30-40% of Americans already hold crypto, and a supportive stance from the government could lead to a significant boost in demand. “With this, the general mood among investors has improved greatly,” he added.

The current investor sentiment around Bitcoin remains high, with the BTC fear-greed index, which tracks market sentiment, now indicating “Extreme Greed.” This positive sentiment has also resulted in an increase in long positions in Bitcoin futures, with an estimated $2.8 billion in contracts betting on Bitcoin reaching $90,000.

According to Patel, Bitcoin’s support level is at $75,600, while it faces resistance around $82,500. If the rally continues, it may drive other cryptocurrencies upwards as well, with Ethereum already showing gains, rising to $3,200 on Monday due to the positive sentiment surrounding Bitcoin’s latest peak.

News source:www.indiatoday.in

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