Bitcoin Touches Record High Above $77K on Trump Election Optimism | Global News Avenue

Bitcoin (Bitcoin USDNew highs were set on Friday amid continued optimism over Donald Trump’s election and the possibility of a more crypto-friendly Congress.

The largest cryptocurrency by market capitalization rose to $77,300 on Friday afternoon, just days after setting other price milestones. income comes from The stock market also hit a series of record highs After Trump’s decisive victory in Tuesday’s presidential election.

Investors have poured nearly $2 billion into spot Bitcoin exchange-traded funds over the past two days, according to data from Farside Investors. On Thursday alone, these products saw $1.3 billion in net inflows, with about $1.1 billion of that going into BlackRock’s iShares Bitcoin Trust (it will go).

These products hold Bitcoin and, as investors pour money into them, can stimulate demand for Bitcoin, driving up the price – as they do earlier this year.

Trump wins, pro-crypto lawmakers boost sentiment

Trump has embraced cryptocurrencies during this election cycle, reversing his previous criticism and pledging to build a strategic Bitcoin reserve. He also vowed to succeed U.S. Securities and Exchange Commission Chairman Gary Gensler, who during his tenure imposed strict enforcement on the cryptocurrency industry.

The election also brought more pro-cryptocurrency lawmakers to power. According to Coinbase research, “the House of Representatives received 263 pro-cryptocurrency candidates and 118 anti-cryptocurrency candidates; the Senate received 18 pro-cryptocurrency candidates and 12 anti-cryptocurrency candidates.”

What’s next? Is Bitcoin worth $100,000?

Not only has this fueled investor enthusiasm in the short term, but it has also led to growing predictions that Bitcoin prices will breach the $100,000 mark.

Bitwise CIO Matt Hougan said in a recent report that he expects Bitcoin prices to exceed $100,000 by the end of the year. And he’s not the only one.

“(Bitcoin) still has the potential to hit six figures by the end of this year and even higher next year,” said Tom Lee, head of research at Fundstrat. CNBC Friday.