Bitcoin Hits Record High Near $80,000 Amid Trump Victory and Bullish Sentiment

Nov 10, 2024, 04:46 AM

Bitcoin surged to multiple new all-time highs, surpassing $77,000, $78,000, and reaching $79,000 as it approaches the $80,000 mark. The cryptocurrency's rally, up 87% year-to-date, was fueled by optimism over President-elect Donald Trump's positive stance on digital assets and the potential for a Congress featuring pro-crypto lawmakers. Institutional investors have reportedly increased their exposure to Bitcoin, anticipating further gains as regulatory clarity improves. Futures premiums have risen by 14% on exchanges like Binance and Deribit, with $1.6 billion in $80,000 call options signaling bullish market sentiment. The market momentum has led to increased trading volumes, with analysts predicting that Bitcoin could reach $100,000 by the end of the year.