- Bitcoin’s price soared past $97,000 and neared $100,000 amid post-election optimism.
- Crypto stocks and ETFs attracted massive inflows, reflecting rising investor interest.
Bitcoin [BTC] was trading at an impressive $97,335.22 at the time of writing, marking an increase of 5.14% in the last 24 hours. BTC continued its upward trend following Donald Trump’s victory as the 47th US president.
According to CoinMarketCapBitcoin has risen more than 8% in the past week and as much as 43% in the past month.
This relentless rally is pushing the cryptocurrency closer to the $100,000 mark, with market optimism fueled by expectations of a more crypto-friendly regulatory environment under the Trump administration.
Bitcoin Trump Effect
That said, the surge also coincided with the victory of several pro-crypto lawmakers in Congress, leading to optimism that favorable regulatory shifts could further accelerate the cryptocurrency boom. the momentum of the cryptocurrency market.
IG Markets analyst Tony Sycamore said the same:
“Although it is now firmly in overbought territory, it is being pulled towards the $100k level.”
However, not everyone attributes Bitcoin’s new all-time high solely to Trump’s victory.
For example, Jesse Myers, co-founder of OnrampBitcoin, offered a different perspective, noting:
“Yes, the incoming Bitcoin-friendly government has provided a recent catalyst… But that’s not the main story here. The main story here is that we are more than six months after the halving.”
Trump’s Impact on Bitcoin ETF
Bitcoin ETFs also saw a significant increase in inflows after the election, due to increased investor interest.
According to Farside InvestorsAs of November 20, Bitcoin ETFs recorded an impressive inflow of $773.4 million.
Since the election, US-listed Bitcoin ETFs have attracted more than $4 billion, indicating robust demand.
BlackRock’s Bitcoin ETF (IBIT.O) also witnessed a strong debut for its options, with call options – which indicate bullish bets on the price of Bitcoin – proving noticeably more popular than put options.
This increase underlines the growing appeal of Bitcoin-related financial products among investors.
Crypto stocks were not left unaffected
Furthermore, crypto-related stocks have been riding the wave of Bitcoin’s price rise, delivering significant gains.
Shares of MARA Holdings, a leading Bitcoin mining company, rose nearly 14% overnight, reflecting strong investor sentiment in the sector.
Similarly, MicroStrategy, known for its aggressive Bitcoin acquisitions despite being a loss-making software company, saw its shares rise 10%, pushing its market cap past the $100 billion mark.
These developments highlighted the amplified impact of Bitcoin’s rise on the broader crypto market and associated equities.
In light of Bitcoin’s exponential growth, Fundstrat’s strategic investor and analyst Tom Lee put it best when he said:
“I think more than $100,000 makes sense before the end of this year.”