Bitcoin Soars Past $84K as Trump’s Win Fuels Crypto Surge

Bitcoin Soars Past $84K: Bitcoin reached a new milestone, surpassing $84,000 for the first time, fueled by President-elect Donald Trump’s pro-digital asset stance and expectations of a crypto-friendly Congress. The cryptocurrency surged by 5.6%, peaking at $84,360 in New York, as smaller cryptocurrencies like Dogecoin also saw significant gains.

Trump’s Arizona Win Drives Digital Asset Sector Optimism

Trump’s victory in Arizona secured a clean sweep of seven battleground states, igniting celebrations within the digital asset sector. Over $100 million had been invested by the crypto industry to support pro-crypto candidates, and the price of Bitcoin soared as the pro-crypto sentiment gained momentum.

Crypto-Related Stocks See Strong Growth

Shares in crypto-related companies surged alongside Bitcoin, benefiting from its impressive rise. Specifically, MicroStrategy, a Bitcoin proxy, saw its stock price rise by 17%. Meanwhile, Coinbase also experienced a 17% increase in its stock value. Additionally, crypto miners MARA Holdings and Riot Platforms saw impressive increases of 22% and 18%, respectively. This growth reflects broader optimism surrounding digital assets, especially in light of Trump’s win.

Economic Implications of the U.S. Elections

The U.S. elections on Tuesday promise to have profound economic ramifications, influencing everything from American taxation…

Traders Eye $100,000 Bitcoin Target by Year-End

Bitcoin options traders are now setting their sights on the $100,000 milestone. With over 9,600 Bitcoin options bets placed on reaching this target by December 27, the odds stand at 18.6%. The surge in demand for Bitcoin reflects growing confidence in the crypto market.

Trump’s Economic Plans Boost Stocks, Credit, and Crypto

Trump’s broader economic agenda, which includes boosting growth, cutting taxes, and reducing regulations, has fueled a market-wide rally. The S&P 500 recently hit its 50th record of the year, highlighting the far-reaching impact of his policies on both traditional markets and cryptocurrencies.

Bitcoin’s Meteoric Rise in 2024 Driven by ETFs and Fed Rate Cuts

Bitcoin has gained nearly 95% in 2024, driven by strong demand for US exchange-traded funds (ETFs). Rate cuts from the Federal Reserve have also played a key role in its rise. BlackRock’s $35 billion iShares Bitcoin Trust has been a major contributor to the surge. The trust saw a record daily net inflow of almost $1.4 billion.

Trump’s Crypto Shift Stands in Contrast to Biden’s Approach

Trump’s shift towards embracing digital assets contrasts sharply with President Joe Biden’s stance, which includes a crackdown. SEC Chair Gary Gensler has voiced concerns about fraud within the industry, especially after the collapse of FTX. Trump’s supportive approach toward digital assets signals a significant change for the crypto market. This shift could lead to major regulatory adjustments for the cryptocurrency sector.

Pro-Crypto Legislation Looks More Likely with GOP Control

As Trump promises supportive regulation, the possibility of crypto-related bills passing through Congress seems increasingly likely. This is especially true with the GOP in control of the House and Senate. The crypto industry’s investment in political campaigns is expected to grow significantly in the coming years. Its increasing influence will likely reshape the regulatory landscape. This growing political involvement indicates substantial changes in how cryptocurrencies will be regulated moving forward.

Bitcoin soars past $84K surge reflects optimism around Trump’s pro-crypto policies and potential legislative support, according to wsj subscription.