Bitcoin breaks another high, slams $88.5k

Bitcoin reached another high on Monday as the cryptocurrency rally in the aftermath of Donald Trump's election victory

Written by: Olumide Adesina • Monday, November 11, 2024 • 1 min read

• Last updated: Monday, November 11, 2024

Bitcoin reached another high on Monday as the cryptocurrency rallied in the aftermath of Donald Trump’s election victory

The flagship cryptocurrency’s price last increased by over 11% to $88,303 on Binance. It recently reached $8,505 a new high. MicroStrategy gained more than 25.7 percent, while Coinbase ended the day up 19.8 percent. Longer trading saw both stocks rise as well.

Bitcoin traders bet on a more lenient regulatory framework and anticipate that the government will establish a reserve cryptocurrency fund, to support sustained demand.

The pioneer digital asset was deemed a safe asset because it is not considered a security, even by the Securities and Exchange Commission. Trump has made big overtures about the digital asset like entertaining the idea of a strategic national bitcoin reserve.

Trump also promised the cryptocurrency industry making the world’s largest economy calling the nation the “crypto capital of the planet” and demanding that all Bitcoin be mined there.

He also promised to remove Gary Gensler, the chairman of the Securities and Exchange Commission, who has adopted a strong stance on cryptocurrency despite the president’s lack of authority.

Trump’s administration’s predicted pro-crypto stance, which investors hope will result in more transparent regulations in the United States has improve the appetite for risk in the crypto market now at a valuation of $3 trillion

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ABOUT THE AUTHOR See More

Olumide Adesina

Financial Market Writer

Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.