Bitcoin Positioned to Hit $100k Following Trump's Victory

Republican candidate Donald Trump has been announced the winner of the 2024 U.S Presidential elections and this news has brought about a spike in crypto prices, more specifically Bitcoin. 

Following the announcement of Trump’s victory, Bitcoin surged by over 8% in the span of a few hours, setting a new all time high record of over $76,000.

This impressive pump can be attributed to heightened investor confidence following Trump's boisterous promises during his campaign, such as replacing the Securities and Exchange Commission (SEC) Chairman Gary Gensler, and his goal of making America the world’s crypto capital.

Trump’s win has also had a notable impact on Bitcoin ETFs with BlackRock recording a whopping $1.1 billion inflow on Thursday 7th November, only two days after the election. This is a remarkable feat for the company as it hit $23B in net assets. 

Other cryptos are not left out of the rally as the popular memecoin Dogecoin is on a steady rise, gaining over 30% in the past few days and 4% in the last twenty four hours. Ethereum is also performing favourably on the charts with a 7 day increase of 27% .

The global crypto community has been solidly behind Trump as he is a candidate that has shown a dedicated interest in strengthening the crypto base in the United States, through pro-crypto legislation and the sponsorship of crypto miner’s rights.