Bitcoin price surges past $80,000, experts say Trump's victory boosts gains

Bitcoin price surges past $80,000, experts say Trump's victory boosts gainsBitcoin continued its upward trajectory in trading on November 11, with prices exceeding $81,000 per coin. According to Reuters, Bitcoin reached a record high of $81,464 in early trading on November 11, though it later retreated to remain above $80,000

Bitcoin price surges past $80,000, experts say Trump's victory boosts gains

Bitcoin continued its upward trajectory in trading on November 11, with prices exceeding $81,000 per coin. According to Reuters, Bitcoin reached a record high of $81,464 in early trading on November 11, though it later retreated to remain above $80,000.

Analysts believe that the victory of Republican Donald Trump in the US presidential election on November 6 was a positive factor in boosting Bitcoin prices. According to AFP, Bitcoin reached a price peak of $75,000 on November 6, breaking the previous record of $73,797.98 set in March of this year.

While initially skeptical of cryptocurrencies during his first term as US president, Trump later expressed support for them. In September, he announced plans to collaborate with others to launch a cryptocurrency trading platform. Some analysts therefore anticipate that Bitcoin prices will maintain an upward trend for a considerable period.

The historic easing of regulations on Bitcoin by US regulatory authorities earlier this year also led to a surge in its price. According to CNN, Bitcoin's price has risen by about 80% this year. After the US Securities and Exchange Commission (SEC) approved a Bitcoin spot exchange-traded fund (ETF) in January, SEC Chair Gary Gensler said in a statement that this decision did not represent approval or endorsement of Bitcoin, and that investors should remain cautious about the risks associated with Bitcoin and cryptocurrency products.

During his time as US president, Trump's views on cryptocurrencies shifted from skepticism to support. He initially approached cryptocurrencies with caution but gradually changed his stance during his presidency. In September, he declared his collaboration with others to establish a cryptocurrency trading platform. The market interpreted this announcement as a sign of Trump's support for cryptocurrencies and fueled optimistic expectations regarding future cryptocurrency regulation.

Aside from Trump's policy support, the historic easing of Bitcoin regulation by US regulatory authorities earlier this year played a significant role in Bitcoin's price surge. The US Securities and Exchange Commission's approval of a Bitcoin spot exchange-traded fund (ETF) in January was viewed as recognition of cryptocurrencies by US regulators, attracting more institutional investors to the Bitcoin market.

Bitcoin's continued price surge has also sparked concerns about a cryptocurrency bubble in the market. Some analysts believe that Bitcoin prices have detached from fundamentals and pose a risk of a bubble. However, other analysts argue that Bitcoin, as a decentralized digital currency, possesses unique value, and its price increase reflects market expectations for the future development of the digital economy.

Despite the debate, Bitcoin's persistent price rise indicates that cryptocurrencies are becoming an integral part of global financial markets. With the continuous refinement of regulatory policies and advancements in technology, the future development of cryptocurrencies holds promise.

It is important to note that investing in Bitcoin carries risks. Investors need to conduct thorough market research and risk assessments, and make rational investment decisions based on their individual circumstances.