{"id":171797,"date":"2024-11-10T08:20:08","date_gmt":"2024-11-10T08:20:08","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/11\/10\/bitcoin-on-cusp-of-80000-for-first-time-on-optimism-over-donald-trump-times-of-india\/"},"modified":"2024-11-10T08:20:09","modified_gmt":"2024-11-10T08:20:09","slug":"bitcoin-on-cusp-of-80000-for-first-time-on-optimism-over-donald-trump-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/11\/10\/bitcoin-on-cusp-of-80000-for-first-time-on-optimism-over-donald-trump-times-of-india\/","title":{"rendered":"Bitcoin on cusp of $80,000 for first time on optimism over Donald Trump – Times of India"},"content":{"rendered":"
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Bitcoin is closing in on $80,000 for the first time, boosted by President-elect Donald Trump\u2019s embrace of digital assets and the prospect of a Congress featuring pro-crypto lawmakers.
The cryptocurrency climbed as much as 4.3% to an unprecedented $79,771 on Sunday and remained near $79,000 as of 2:05 p.m. in Singapore. Smaller tokens like Cardano and meme-crowd favorite Dogecoin also rallied.
Trump vowed on the campaign trail to put the US at the center of the digital-asset industry, including creating a strategic Bitcoin stockpile and appointing regulators enamored with digital assets. He emerged from Tuesday\u2019s election in a stronger position than expected \u2014 his Republican Party has control of the Senate and is on the verge of holding a narrow majority in the House.
\u201cWith the dust from Trump\u2019s victory still settling down, it was only a matter of time before a run-up of some sort occurred given the perception of Trump being pro-crypto, and that\u2019s what we\u2019re seeing now,\u201d said Le Shi, Hong Kong managing director at market-making firm Auros.<\/p>\n

ETFs, Fed<\/h3>\n<\/p>\n

Bitcoin has added about 90% so far in 2024, helped by robust demand for dedicated US exchange-traded funds and interest-rate cuts by the Federal Reserve. The rise in the largest digital token, which scaled fresh records after the US vote, exceeds the returns from investments such as stocks and gold.
The ETFs, powered by BlackRock Inc.\u2019s $35 billion iShares Bitcoin Trust, posted a record daily net inflow of almost $1.4 billion on Thursday, according to data compiled by Bloomberg. A day earlier, the iShares ETF\u2019s trading volume jumped to an all-time peak \u2014 all signs of how Trump\u2019s victory is reshaping crypto.
Trump\u2019s stance contrasts with a crackdown on digital assets under President Joe Biden. Securities & Exchange Commission Chair Gary Gensler repeatedly labeled the sector as rife with fraud and misconduct. The agency turned the screws on crypto following a 2022 market rout and a litany of collapses, notably the bankruptcy of Sam Bankman-Fried\u2019s fraudulent FTX exchange.
Digital-asset companies and executives spent heavily during the US election campaign to promote candidates viewed as favorable toward their interests.
\u201cTrump has promised supportive regulation, and the sweep of the House and the Senate makes the passage of crypto bills much more likely,\u201d wrote Noelle Acheson, author of the Crypto Is Macro Now<\/span> newsletter.<\/div>\n