Bitcoin Price Surges Past $76,000, Setting a New All-Time High After Vice President Kamala Harris Concedes the Presidential Race to Donald Trump
- Susan SarandonOriginal
- 2024-11-07 16:14:20782browse
With expectations of crypto-friendly policies from the incoming Trump administration, CNBC now reports that Bitcoin could reach $100,000 before Trump's inauguration.
Bitcoin price hit a new all-time high on Monday following Vice President Kamala Harris's concession in the presidential race, with some analysts now predicting the cryptocurrency could reach $100,000 before Trump's inauguration.
The rally began earlier in the day, with Bitcoin surging past $75,000 and then climbing even higher as Harris's concession was announced. Analysts attributed the rally to expectations of crypto-friendly policies from the incoming Trump administration.
The market appeared to be reacting to several factors, including Trump's previous statements indicating he might create a national Bitcoin reserve from U.S. government holdings, which currently stand at $15.83 billion according to reports.
To further solidify this reserve, Senator Cynthia Lummis, a known crypto advocate, has introduced a plan for the government to purchase 200,000 BTC over five years.
The rally also followed expectations of a 25-basis-point rate cut by the Federal Reserve, which could provide a boost to Bitcoin's price.
With this financial backdrop, Bitcoin's price had been setting new records since Election Day, notching gains on each day except for December 11 when it remained largely flat.
Some analysts speculated that, given Trump's pro-Bitcoin campaign promises and potential regulatory changes, Bitcoin may reach $100,000 before his January 20 inauguration.
Among those expressing optimism was cryptocurrency influencer Lark Davis, who took to Twitter to highlight the possibility of Bitcoin reaching $100,000 before Trump's swearing-in ceremony.
"Trump might actually be the best president ever for crypto," Davis wrote in his tweet.
However, it's important to note that cryptocurrency markets are notoriously volatile and can be influenced by a wide range of factors, making it difficult to predict precise price movements with certainty.
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