Bitcoin hits $89,000, hitting a new all-time high, boosted by expectations for the next Trump administration
It was reported that the price of Bitcoin, the virtual currency with the largest market capitalization, has risen by about 30% since the US presidential election on November 5, 2024, hitting an all-time high of $89,599 (approximately 13.77 million yen) in the early morning of November 12. The background to this is said to be expectations for the virtual currency policy of Donald Trump, who will take office as president in January 2025.
Bitcoin (BTC) Record Lifts Crypto Market Value Past Pandemic-Era Peak - Bloomberg
Bitcoin Price Sets Another Record as Post-Election Rally Continues - The New York Times
https://www.nytimes.com/2024/11/11/business/dealbook/bitcoin-price-record-high.html
MicroStrategy Announces BTC and ATM Activity; Raised $2.03 billion; Purchased 27,200 BTC; Now Holds 279,420 BTC with BTC Yield of 26.4% YTD | Business Wire
https://www.businesswire.com/news/home/20241111351255/en/
A positive path forward - a16z crypto
https://a16zcrypto.com/posts/article/a-positive-path-forward/
According to the overseas media Bloomberg, the price of Bitcoin recorded an all-time high of $89,599 in the early morning of November 12, 2024. At the time of writing, it is still maintaining a high price of over $89,000 (about 13.69 million yen).
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Trump has put forward a policy that is positive towards virtual currencies, including Bitcoin, and is increasing pressure on Congress across the party. Other pledges include the creation of a military-level Bitcoin reserve in the United States and the promotion of domestic Bitcoin mining.
'Bitcoin is in 'beast mode' and the question for traders waiting on their hands is whether there is still room to chase this frenzy or whether they should wait for the price to calm down a bit and the impulsive trend to cool off,' Chris Weston, head of research at Australian financial brokerage Pepperstone, said in a note.
In light of expectations for business-friendly policies under a second Trump administration, the stock market is also experiencing a boom known as the 'Trump Trade,' with the S&P 500 rising approximately 26% since the beginning of the year, briefly surpassing the 6,000 point mark, and the Dow Jones Industrial Average closing at $44,293 (approximately 6.81 million yen), both of which are new record highs.
Cryptocurrency companies are also becoming more bullish, with MicroStrategy, the largest corporate Bitcoin holder, announcing on November 11, 2024 that it had raised approximately $2.03 billion (approximately 310 billion yen) to purchase 27,200 BTC of Bitcoin.
As of November 10, 2024, MicroStrategy and its subsidiaries held approximately 279,420 BTC of Bitcoin, with a total purchase price including fees of approximately $11.9 billion (approximately 1.8315 trillion yen), and an average purchase price of approximately $42,692 per BTC (approximately 6.57 million yen). The company's Bitcoin yield has been 26.4% since the beginning of the year, and if calculated at $89,000 per BTC, the total yield is approximately 108%.
A16z Crypto, a venture capital fund that invests in cryptocurrency startups, commented on the future of the cryptocurrency market, saying, 'We are very optimistic that the U.S. government can foster innovation, accelerate progress, and enable the cryptocurrency ecosystem to thrive in the United States.'
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