Bitcoin Surges Past $80,000 Again a Day After Breaking Through
Cryptocurrency-related Stocks Soar, Including Coinbase, “For the first time in history, Bitcoin has surpassed $84,000. The cryptocurrency continues to rise, bolstered by the effect of U.S. President-elect Donald Trump’s victory.”,
“On the 11th (local time), according to Coinbase, Bitcoin is being traded at $83,970, up 5.25% from the previous trading day as of 10:52 AM Eastern Time. During the day’s session, Bitcoin briefly rose 5.6% to reach $84,360, crossing $84,000 for the first time ever.”
“Bitcoin initially broke the $75,000 mark on June 6, following Trump’s electoral victory, hitting a new high in over seven months. Just four days later, on the 10th, it first surpassed $80,000 and continued its rapid ascent, reaching $84,000 the following day.”
“Other cryptocurrencies like Ethereum have risen 0.86% and Solana 2.98%. Cryptocurrency-related stocks are also in a rally. U.S. cryptocurrency exchange Coinbase is up 17.25%, and cryptocurrency mining company Marathon Digital Holdings has surged 21.97%.”
“Cryptocurrencies, including Bitcoin, are considered notable assets within the ‘Trump Trade,’ as money flows into investments likely to benefit from Trump’s victory. Previously, Trump had promised to remove Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), who held a negative stance on cryptocurrencies, and to make the U.S. a cryptocurrency hub, indicating a favorable policy stance towards cryptocurrencies.”
“Le Xu, Managing Director of Aurus Hong Kong, noted, ‘With the aftermath of Trump’s victory lingering and considering his favorable view towards cryptocurrencies, a (crypto) surge was only a matter of time,’ adding, ‘We are witnessing that now.'”