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A company that is changing the way the world mines bitcoin

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Market Cap
24h Vol
11975
Cryptocurrencies
54.28%
Bitcoin Share
Seeking Alpha 2024-11-08 20:13:56

Bitcoin to rise on weekly basis as crypto-friendly Trump emerges as next U.S. President

Bitcoin to rise on weekly basis as crypto-friendly Trump emerges as next U.S. President

Bitcoin ( BTC-USD ) had a massive week, as the cryptocurrency is set to rise 11% in the period, boosted by Donald Trump's historic win in the U.S. presidential election. The world's oldest digital currency had been hovering in and out of the $70K mark since last week, in the run-up to the U.S. election, as crypto investors saw Trump's re-election prospects build at the time. BTC, then, for the first time, zoomed past the $74K mark , just as Trump took a lead over Vice President Kamala Harris during the vote count. Bitcoin ( BTC-USD ) continued to see a gradual rise , as Trump secured a win. The world's largest cryptocurrency has received a shot in the arm lately after Trump embraced it as part of his election campaign - a marked departure from President Joe Biden's current government, which has cracked down on the sector. "There's been a tremendous surge in crypto interest after Trump won the election. This, combined with the Federal Reserve's rate cut on Thursday, spurred institutions to make the plunge into crypto markets," said Jeff Mei, COO at BTSE. The Federal Open Market Committee unanimously cut the fed funds rate by 25 basis points to 4.50%-4.75% . "With more rate cuts coming, the prospect of pro-crypto regulations, and a continued China stimulus, it makes sense that institutions are flocking to Blackrock's Bitcoin ETF, and we expect even more in the coming months," Mei added. Trump had also made an appearance at the annual Bitcoin Conference in July, and has said he wanted to turn the U.S. into the "crypto capital of the planet and the bitcoin superpower of the world." "In the near term, markets will naturally be focused on the President-elect's pro-business policies and a crypto-friendly regime, and the path of least resistance is likely to be higher prices over the near term," said Augustine Fan, Head of Insights, SOFA.org. JD Vance, the vice president-elect, is also widely known to be friendly towards crypto. "A Trump administration is going to be viewed as far more friendly to the industry, and I suspect we’ll see outperformance in assets and networks that have come under fire from US-based regulators," Seeking Alpha analyst Mike Fay said. Notable News Core Scientific ( CORZ ) said it has earned 369 self-mined bitcoins ( BTC-USD ) in October, up 7% from the prior month. Despite a slight month-over-month decrease in block wins, MARA Holdings ( MARA ) produced 717 bitcoins ( BTC-USD ) in October, up 2% from 705 produced in the prior month. Riot ( RIOT ) produced 505 bitcoins ( BTC-USD ) in October, 22.6% more than the prior month. Hut 8 ( HUT ) Tuesday post market said that it produced 100 BTC in October, higher than 85 BTC produced a month ago. Bitcoin, Ether prices Bitcoin ( BTC-USD ) up 0.5% to ~$77.1K at 3:10 pm on Friday. Ether ( ETH-USD ) rose 2.5% at $3K. To read more about how the election results impacted crypto, click here . More on crypto Optimal Crypto Allocation For Portfolios A Look Back At Crypto ETFs Bitcoin Bull Market Intact As Risk Increases

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24h Vol
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Bitcoin Share
539
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