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Reading: Bitcoin Surges Past $80,000 as Trump Advocates for Cryptocurrency
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Bitcoin Market Update
PhotoNews Pakistan > Business > Bitcoin Surges Past $80,000 as Trump Advocates for Cryptocurrency
Business

Bitcoin Surges Past $80,000 as Trump Advocates for Cryptocurrency

Web Desk
By Web Desk Published November 11, 2024 2 Min Read
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A representative image for Bitcoin. Photo Credits: @GIV_TRADE (X)
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Bitcoin reached a new record high, surpassing $80,000 for the first time. This surge occurred following optimism that Donald Trump’s potential return to the White House would benefit the cryptocurrency market.

The price of Bitcoin has been climbing since Donald Trump, perceived as favourable towards digital currencies, won the U.S. presidential election last Tuesday. By Wednesday, Bitcoin had already exceeded its previous high, reaching $75,000 compared to the March peak of $73,797.98.

WATCH: Bitcoin soared to a record high of over $81,000 as Donald Trump's victory in the US presidential election along with pro-crypto candidates being voted to the Congress spurred expectations of a light-handed regulatory environment https://t.co/01OIRZ5LeD pic.twitter.com/nsOZcTCpeS

— Reuters Asia (@ReutersAsia) November 11, 2024

During his initial term, Trump criticized cryptocurrencies as a scam, but his stance has dramatically shifted. He has since endorsed cryptocurrencies, even launching his digital currency platform, and expressed intentions to make the U.S. the global hub for Bitcoin and other cryptocurrencies. His plan includes appointing tech mogul and controversial figure Elon Musk to oversee a comprehensive audit of government expenditures.

#Bitcoin surged to a record high on Monday, rising over the $81,000 level on bets that the #cryptocurrency market will flourish in a favorable regulatory environment following the election of Donald #Trump as U.S. president and pro-crypto candidates to Congress. Read more:… pic.twitter.com/dTG4pYRHVj

— Economy Middle East (@Economy_ME) November 11, 2024

The previous Trump administration facilitated corporate tax reductions, injecting more liquidity into the markets and fostering investments in high-growth assets like cryptocurrencies.

In September, Trump, his sons, and other entrepreneurs unveiled the World Liberty Financial digital currency platform. However, this month’s launch saw limited success, with only a small portion of the available tokens sold.

The cryptocurrency sector has consistently been in the spotlight, notorious for its extreme volatility and the collapse of major platforms, notably the FTX exchange.

In a groundbreaking move leading up to the election, Trump reportedly became the first former president to use Bitcoin for a commercial transaction, buying burgers at a New York City restaurant in what was celebrated as a “historic transaction.”

#Bitcoin soars to a record high above $81,000 on expectations that cryptocurrencies will boom in a favorable regulatory environment following the election of #DonaldTrump as US president and pro-crypto candidates to Congress.https://t.co/Oqq5XfEYcD

— Al Arabiya English (@AlArabiya_Eng) November 11, 2024

Bitcoin trading continues around the clock, including Sundays.

TAGGED:Bitcoin PriceFeatured
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