Bitcoin once again hit a new all-time high a new peak of $94,000 on November 20 2024 as per data from CoinGecko.
According to Reuters, this was likely sparked by a report that Donald Trump’s social media company was in talks to buy crypto trading firm, Bakkt.
While the leading cryptocurrency has currently dropped to $91,000, it had gained 2% in 24 hours before the new record, pushing its market cap to nearly $1.85 trillion. Market sentiment is also really high as the Crypto Fear and Greed Index hit its highest level of the year, climbing to 90, signaling a market state of ‘Extreme Greed.’
Bitcoin has rallied significantly after the pro-crypto candidate, Donald Trump, was re-elected as President of the United States.
During his campaign, President-elect, Donald Trump, pledged to make the United States the ‘crypto capital of the planet.’ Among his commitments to the crypto community were plans to establish a national crypto reserve with over $16 billion in bitcoin accumulated from government asset seizures and to reduce interest rates.
POLITICS | Trump to Unveil Plan to Make U.S. Crypto Capital of the Planet
_”I’m laying out my plan to ensure that the United States will be the crypto capital of the planet. Donald Trump#Crypto #IndependenceDay2024 #BTChttps://t.co/5kJdwHaRI5
— Salaxzy (@Salaxzy) August 31, 2024
Trump also promised to remove SEC Chair, Gary Gensler, who has been unpopular within the crypto industry, with companies like Binance and Coinbase battling the regulator in court over alleged securities violations.
Bitcoin’s previous all-time high came less than a week ago, reaching $93,477 but it soon dropped to $87,300 within 24 hours. Since then, the leading cryptocurrency rebounded, climbing back above $90,000 and approaching a new all-time high.
Its previous high came on November 10 2024, a few days after the U.S election day when it topped $80,000 as the market buzzed about the Republican win.
MILESTONE | #Bitcoin Crosses $80,000 in New All-Time High
Heading into the U.S. election day on November 5 2024, Bitcoin had been holding steady near its previous all-time high of $73,737 from March 2024.https://t.co/sfqDH5sF5Z pic.twitter.com/BocDIC1Rwk
— BitKE (@BitcoinKE) November 11, 2024
A day later, Bitcoin rose above $82,000 before it surged to $93,500 on November 13 2024.
Bitcoin advocate, Michael Saylor, is more optimistic than ever with Trump’s Republican Party poised to regain power.
According to the Microstrategy CEO, Bitcoin will reach $100,000 by the end of the year [2024].
“I’m planning the $100K party, and I’m thinking it’s probably going to be New Year’s Eve at my house,” he said when asked whether Bitcoin could drop back to $60,000 or even as low as $30,000.
“I would be surprised if we don’t go through $100K in November or December [2024],” he continued.
According to Reuters, Trump Media and Technology Group (DJT.O), which operate Truth Social, the company is close to an all-stock acquisition of Bakkt, which is backed by NYSE-owner Intercontinental Exchange.
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