After the result of the election of Donald Trump As president of the United States and with the prospect of regulatory easing of cryptocurrencies, Bitcoin surpassed this Sunday $80,000 for the first time throughout its history.
The best-known digital cryptocurrency in the world surpassed that barrier in its value shortly after 12:00 p.m. to reach $80,116this happened moments before going down slightly.
You might be interested in: Toyota announces investment of 1,450 million dollars in Mexico: Ebrard
Let us remember that last Wednesday it had reached the mark of $75,000surpassing its March record, which stood at $73,797.98, all this thanks to the triumph of Donald Trump.
Bitcoin trades continuously, even on Sundays. Since the results of the US presidential elections, its price has skyrocketed in unison with the dollar against other international currencies.
The “memecoin”, a highly volatile parody digital token, is also experiencing a boost, like the “dogecoin”, promoted by billionaire Elon Musk, a fervent supporter of Donald Trump.
You might be interested in: Fed cuts rates by a quarter point after US election
During the campaign, the former president during the period 2017-2021 pledged to turn the United States into “the bitcoin and cryptocurrency capital of the world” with an extremely flexible regulatory framework.
Although he initially presented himself as a critic of these currencies which he himself described as a “scam”Trump has become one of its defenders and recently launched his own platform for trading cryptocurrencies.
This position contrasts with that of the Joe Biden governmentin favor of stricter regulation that has now allowed it to have a stronger valuation in the market.
(With information from AFP)
#Bitcoin reaches 80k for the first time and continues to make history with each new ATH 😱
— Binance Latinoamérica (@BinanceLATAM) November 10, 2024
Related
Interview between Time.news Editor and Cryptocurrency Expert
Time.news Editor (TNE): Welcome to our special segment discussing the recent surge in Bitcoin’s value. Today, we have with us Dr. Elena Gomez, a cryptocurrency expert and financial analyst. Thank you for joining us, Dr. Gomez.
Dr. Elena Gomez (EG): Thank you for having me. I’m excited to discuss the latest developments in the cryptocurrency space!
TNE: Let’s dive right in. Bitcoin recently hit an all-time high, surpassing $80,000 for the first time. What do you attribute this surge to, particularly right after the U.S. presidential elections?
EG: The impact of the presidential elections on cryptocurrencies cannot be overstated. With Donald Trump’s victory, many investors are optimistic about potential regulatory easing for cryptocurrencies. This perception of a more favorable regulatory environment creates confidence among investors, leading to increased demand and subsequently driving prices up.
TNE: Interesting! We saw that Bitcoin shot up shortly after the election results came in, peaking at $80,116. What does this volatility indicate about the current state of the market?
EG: Bitcoin’s price movements are often quite volatile, especially during significant political or economic events. The jump to over $80,000 reflects a mixture of speculation and a broader acceptance of Bitcoin as a legitimate investment. However, it’s essential to remember that this volatility presents both opportunities and risks for investors.
TNE: You mentioned speculation. How much of Bitcoin’s price hike can be attributed to market speculation versus actual fundamentals?
EG: While speculation plays a significant role, especially in moments of heightened excitement like elections, we can’t ignore the fundamental shifts occurring in the financial landscape. More institutions are adopting cryptocurrencies, and we are seeing broader integration into financial products. However, the speculative nature of the market often amplifies the price movements, as we’ve seen recently.
TNE: Bitcoin is not trading alone; there are other cryptocurrencies and even meme coins on the market. How do you see their role in this environment?
EG: Meme coins and altcoins have garnered attention for their community-driven movements and their ability to capture the interest of retail investors. While they can be more volatile, as seen in the ‘memecoin’ phenomenon, they also contribute to the overall flavor of innovation in the cryptocurrency market. However, they often lack the same level of fundamentals that Bitcoin possesses, which makes them quite risky.
TNE: As we look towards the future, especially with Bitcoin trading continuously, what should potential investors keep in mind?
EG: Potential investors should approach Bitcoin and cryptocurrencies with caution. It’s crucial to conduct thorough research, remain aware of market trends, and consider the long-term potential of assets rather than getting swept up in momentary highs. Volatility can result in significant gains but also substantial losses, so diversifying and having a clear investment strategy are vital.
TNE: Great advice! Lastly, what do you predict for Bitcoin in the coming months, considering the current economic climate?
EG: I believe we will see continued interest in Bitcoin, especially if regulatory clarity improves under the new administration. It may experience fluctuations, but the overall trend could lean towards growth if institutional investment keeps increasing. However, it’s essential to remain vigilant about possible corrections, as the market remains susceptible to external factors.
TNE: Thank you, Dr. Gomez, for sharing your insights. It’s exciting to see how the cryptocurrency landscape evolves, especially with recent political events shaping investor sentiment.
EG: Thank you for having me. It’s a fascinating time to be involved in cryptocurrencies!
TNE: And thank you to our audience for tuning in. Stay updated with Time.news for the latest in finance and technology!