- Bitcoin’s price surged past $97,000, nearing $100K amid post-election optimism.
- Crypto stocks and ETFs attracted massive inflows, reflecting soaring investor interest.
Bitcoin [BTC] was trading at an impressive $97,335.22, at press time, marking a 5.14% surge in the last 24 hours. BTC continued its upward momentum following Donald Trump’s victory as the 47th U.S. president.
According to CoinMarketCap, Bitcoin has gained over 8% in the past week and an extraordinary 43% in the last month.
This relentless rally is propelling the cryptocurrency closer to the $100,000 milestone, with market optimism fueled by expectations of a more crypto-friendly regulatory environment under Trump’s administration.
Bitcoin Trump effect
That said, the surge also coincided with the victory of several pro-crypto lawmakers in Congress, sparking optimism about favorable regulatory shifts that could further accelerate the cryptocurrency market’s momentum.
Remarking on the same, IG Markets analyst Tony Sycamore said,
“While it’s now firmly into overbought territory, it is being drawn toward the $100k level.”
However, not everyone attributes Bitcoin’s new all-time high solely to Trump’s victory.
For instance, Jesse Myers, co-founder of OnrampBitcoin, offered a different perspective, and noted,
“Yes, the incoming Bitcoin-friendly administration has provided a recent catalyst…But, that’s not the main story here. The main story here is that we are 6+ months post-halving.”
Trump’s impact on Bitcoin ETF
Bitcoin ETFs also experienced a significant inflow surge following the election, reflecting heightened investor interest.
According to Farside Investors, as of the 20th of November, Bitcoin ETFs recorded an impressive $773.4 million in inflows.
Since the election, U.S.-listed Bitcoin ETFs have attracted over $4 billion, signaling robust demand.
BlackRock’s Bitcoin ETF (IBIT.O) also witnessed a strong debut for its options, with call options—indicating bullish bets on Bitcoin’s price—proving notably more popular than put options.
This surge underscores the growing appeal of Bitcoin-related financial products among investors.
Crypto stocks were not left unaffected
Additionally, crypto-related stocks have been riding the wave of Bitcoin’s price rally, delivering substantial gains.
Shares of MARA Holdings, a prominent Bitcoin mining firm, surged nearly 14% overnight, reflecting strong investor sentiment in the sector.
Similarly, MicroStrategy, known for its aggressive Bitcoin acquisitions despite being a loss-making software company, saw its shares climb 10%, pushing its market capitalization past the $100 billion mark.
These developments highlighted the amplified impact of Bitcoin’s ascent on the broader crypto market and its associated equities.
In light of Bitcoin’s exponential growth, Fundstrat’s strategic investor and analyst Tom Lee put it best when he said,
“I think comfortably over $100K makes sense before the end of this year.”
Powered by WPeMatico
