Bitcoin Breaks Through $80,000 Mark, Hitting All-Time High Amidst "Trump Effect"

Bitcoin Breaks Through $80,000 Mark, Hitting All-Time High Amidst "Trump Effect"Bitcoin's upward momentum continues unabated, as it surged past the $80,000 mark on November 10th, reaching $80,200 per coin, setting a new all-time high. This marks the first time Bitcoin has ever crossed the $80,000 threshold

Bitcoin Breaks Through $80,000 Mark, Hitting All-Time High Amidst "Trump Effect"

Bitcoin's upward momentum continues unabated, as it surged past the $80,000 mark on November 10th, reaching $80,200 per coin, setting a new all-time high. This marks the first time Bitcoin has ever crossed the $80,000 threshold. Meanwhile, Ethereum also climbed above $3,200 per coin, reaching its highest point since August. Dogecoin reached a peak of $0.24912 per coin, its highest point since 2022.

The recent surge in cryptocurrency prices has resulted in significant losses for some short-sellers. According to Coinglass data, over 140,000 traders were liquidated in the past 24 hours, with total liquidations reaching $446 million. The largest single liquidation occurred on Binance-BTC, amounting to $13.1 million.

Cryptocurrency is viewed as part of the "Trump Trade." During his election campaign, Trump repeatedly expressed his favor for Bitcoin and cryptocurrency, praising their innovative spirit and autonomy as aligning with core American values. He also outlined plans to support cryptocurrency through policy, aiming to make the US a global leader in Bitcoin and blockchain technology. Trump's victory further solidified the bullish sentiment among Bitcoin investors. Following the announcement of his win, Bitcoin prices began a rapid ascent. Over the past five days, Bitcoin has gained over 10%, while its gains over the past two months have reached nearly 40%. Year-to-date, Bitcoin has surged almost 80%.

Geoff Kendrick, Global Head of Digital Asset Research at Standard Chartered Bank, previously stated that Bitcoin's price could reach $125,000 by the end of this year and $200,000 by the end of 2025, following Trump's election. Kendrick believes that Trump's past promises regarding cryptocurrency, which include firing the chairman of the Securities and Exchange Commission, Gary Gensler, establishing a national Bitcoin reserve, and transforming the US into a "Bitcoin superpower," will drive Bitcoin's upward trajectory.

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