- Bitcoin’s upward trajectory follows Donald Trump’s presidential victory last week.
- In the past 30 days, Bitcoin’s value has increased by more than 30%.
- Institutional interest is growing with Bitcoin ETF, with BlackRock’s IBIT ETF said to be seeing daily inflows of $1.12 billion.
Bitcoin set another record, topping $82,000 on Monday, boosted by Donald Trump’s re-election to the White House last week.
According to data from CoinMarketCap, the value of Bitcoin has risen more than 19% in the past seven days and more than 30% in the past 30 days. Anthony Pompliano, host of the Pomp podcast, said of X:
“The first pro-Bitcoin president in U.S. history was elected and Bitcoin surpassed $80,000 in a week. “The market is preparing itself,” he said.
The first Bitcoin-supporting president in U.S. history was elected and Bitcoin surpassed $80,000 in a week.
The market is preparing itself.
— Anthony Pompliano 🌪 (@APommpliano) November 10, 2024
Although Trump’s victory helped boost cryptocurrency prices, many do not believe it was the only reason. Regarding this, Sleep Money Maker said, “Think bigger than one week or one event. We are watching decades of regulatory friction begin to unravel. When barriers come down, capital flows. “This is market physics at work.”
In an interview with CoinJournal last week, James Toledano, COO of self-custodial cryptocurrency wallet Unity, said it would be “disingenuous” to say the U.S. election directly caused the price increase. “he said.
What will drive cryptocurrency markets in the long term will not be elections, but rather “broader macroeconomic events, technological developments, changes in market sentiment, and factors beyond the incoming president’s control,” Toldeano explained.
Institutional appetite for Bitcoin is growing.
Institutional interest in Bitcoin has also reached new levels, with BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) noting daily inflows of a record $1.12 billion. This follows BlackRock setting a new record in October, when it achieved total assets of $30 billion in 293 days.
Commenting on the recent price rise, Toledano said:
“Confidence in Bitcoin as a primary investment vehicle is clearly growing, with institutional investors not only recognizing Bitcoin’s resilience as an asset class, but also increasingly allocating capital in response to favorable macroeconomic conditions, including recent interest rate cuts and political changes. there is.”
Other coins rallying include Ethereum (trading above $3,100), Solana ($216), and Dogecoin, up nearly 158% in the past month at $0.2877.