Bitcoin reached new peaks on Monday, November 11, as the crypto surge continued in the wake of Donald Trump’s recent election victory. Coin Metrics data showed Bitcoin rising over 12% to about $89,174 following an earlier climb to a fresh high of $89,623.
Meanwhile, Ether also saw substantial gains, increasing by over 7% to $3,371.79. Ether’s jump follows a strong 30% increase in the last week, bringing it well above the $3,000 level over the weekend.
Cardano’s DeFi token climbed 4.7% while Dogecoin surged nearly 24%. Crypto-related stocks reflected this momentum as well; Coinbase ended Monday’s session with a 19.8% increase, while MicroStrategy saw a significant gain of 25.7%. Both stocks continued to trade higher after hours.
Hargreaves Lansdown’s head of markets and money, Susannah Streeter, credited the spike in cryptocurrency prices to a rise in enthusiasm following Trump’s victory. “Bitcoin has reached remarkable new heights due to Trump’s pledge to promote cryptocurrency. Investors are hoping for a more lenient regulatory framework as well as possible moves by the government to create a Bitcoin fund reserve, which could support current demand,” she said.
The crypto industry had largely backed Trump and other pro-crypto candidates throughout the election campaign. During his campaign, Trump made a range of promises to the industry, emphasizing his goal to make the U.S. a global center for digital assets and proposing that all Bitcoin mining should occur within the country.
He also pledged to remove the SEC’s chair Gary Gensler who has taken a firm stance on regulating cryptocurrencies. However, the president lacks direct authority to remove the SEC chair.
Citi’s strategists led by David Glass commented in a recent research note that cryptocurrency has remained one of the few investment sectors still holding gains tied to Trump’s election. “One reason may be the anticipated crypto-friendly policies under Trump’s administration, which investors hope will bring clearer regulation in the U.S.,” Glass and his team noted.
Further, they noted that crypto spot ETFs have also experienced significant inflows since the election. In particular, Ether and Bitcoin ETFs saw inflows of $132 million and $2.01 billion, respectively, in the two days following the election.
The value of Bitcoin has more than doubled this year, surpassing that of more conventional investments like gold and stocks. Looking to the future, some market analysts believe the cryptocurrency rally will continue, with Bitcoin potentially reaching the milestone of $100,000 by year-end.
The steep uptick seen in the price of Bitcoin is a welcome development for miners like BIT Mining Ltd. (NYSE: BTCM) since any coins they sell are bound to fetch a much higher return than would have been possible when prices were lower.
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