Bitcoin has experienced a sudden price increase since Donald Trump became the next president of the US. The news was welcomed by crypto investors, and prices of major assets skyrocketed to local or all-time peaks. Bitcoin was at the forefront of gains, rising from below $70,000 before the elections to $99,500, a 50% increase since Trump’s election.
Analysts attribute this surge to the launch of US-based spot Bitcoin ETFs, which attracted nearly $5 billion in the first week after the elections. However, Santiment, an analytics platform, suggests that the price increase may be due to counter-trades, as data shows that nay-sayers and non-believers dominate most social media channels.
The milestone of a six-figure market value for Bitcoin has not yet been reached, but FOMO levels are still low, indicating potential gains. The wait for the last push to reach $100K continues.
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<p>The post Bitcoin Price Soars as Trump Wins Presidency: Thank You, Bears! first appeared on CoinBuzzFeed.</p>
