Updated November 11, 2024
Nothing stops Bitcoin. On the afternoon of Monday, November 11, 2024, the price of the cryptocurrency rose above $84,000. Taking advantage of a long three-day weekend, the digital currency continues to approach the symbolic threshold of $100,000.
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Bitcoin continues to record records. A few days after crossing the $75,000 threshold, the price of the cryptocurrency rose above $80,000 this Sunday, November 10, 2024 around noon. This is the very first time that Bitcoin has come this close to the $100,000 mark. Subsequently, BTC stabilized around $79,000. It climbed more than 15% in a few days, taking its market valuation beyond $1.5 trillion.
The value of Bitcoin has continued to increase since Donald Trump's victory in the US presidential elections. During the electoral campaign, the Republican established himself as the great defender of the crypto ecosystem. To attract bitcoin holders, Trump has made numerous promises. Above all, he is committed to relax the legislation regulating cryptocurrency in the United States and establishing a national bitcoin reserve. With these measures, Trump plans to take the opposite view from the government of Joe Biden, which has distinguished itself by its reluctance.
Also read: Donald Trump’s six promises that won over crypto
The comeback of Bitcoin
In fact, the price of Bitcoin has resumed the upward trend several months before Donald Trump emerged as a fervent defender of cryptocurrencies. At the start of the year, the digital currency took advantage of its arrival on Wall Street to regain color and stimulate the entire market.
Bitcoin was indeed able to ride on the approval of ETFs (Exchange-Traded Funds) by the American stock market regulator, the SEC (Securities and Exchange Commission). This decision, eagerly awaited by investors, was accompanied byan explosion of liquidity injections in the world of cryptocurrencies. Index funds have mainly convinced institutional investors to place their assets in Bitcoin.
For the record, Bitcoin has come a long way. In 2022, the value of cryptocurrency collapsed, falling below $20,000. The sudden death of the FTX platform and the UST stablecoin had permanently weakened the industry, leading to a series of bankruptcies and layoffs.
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