Hats displaying “Make Bitcoin Great Again” are sold at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27, 2024.
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Bitcoin’s price is having one of its best months of the year following Donald Trump’s re-election to the White House, sending the flagship cryptocurrency continuing to set new records throughout the month.
According to Coin Metrics, Bitcoin is expected to rise 38% in November, which would be its best month since February, when Bitcoin rose 45% after the launch of the Bitcoin spot ETF and before the launch of the Bitcoin ETF. . first new record The best of the year since November 2021.
Bitcoin climbs to best month since February
During the session, Bitcoin last rose more than 3% to $97,845.00. Coin library flat while bitcoin proxy micro strategy and Mara Holdings rose 4% and 6% respectively.
In November, investors priced in a second Trump term as president. In this year’s re-election campaign, he Promote yourself to Americans As a candidate, he would lead the crypto industry out of a dark period that for many was caused by a lack of clear digital asset regulation and the SEC’s regulatory oversight under Chairman Gary Gensler. It is defined by the regulatory enforcement approach adopted by crypto businesses.
The victory brought the price of Bitcoin to just a few hundred dollars shy of the highly anticipated $100,000 milestone. While another Trump term adds another layer of legitimacy to the young cryptocurrency industry, it also acts as a macro catalyst, meaning larger budget deficits, potentially higher inflation, and a shift in the U.S. dollar’s ​​international role. Changes – all of which will have a positive impact on the cryptocurrency industry.
Bitcoin ETFs led by BlackRock’s popular IBIT fund saw strong inflows following the election, including their largest-ever one-day inflows, initially offsetting profit-taking selling by long-term holders at new highs pressure. During the same period, Bitcoin ETF Options Start Tradingcreating a new way of trading and speculating on Bitcoin prices.
Bulls expect Bitcoin price to reach $100,000 by the end of the year May double by end of 2025. While the outcome of the U.S. election boosted Bitcoin prices in the short term, many investors agree that its impact as a catalyst for Bitcoin will continue into 2024. Risk is eliminated, but there is little uncertainty about how it will be traded or its value.
Specifically, Bitcoin prices are expected to surge due to a reduction in Bitcoin supply following this April’s halving, coupled with growing institutional and state and national demand for Bitcoin as a treasury reserve asset. Bitcoin cycles usually peak It will take at least a year after the halving Come.
