ALBAWABA - Bitcoin, the most prominent cryptocurrency in the world, touched an all-time high of $80,000 on Sunday, spurred by recent pro-crypto sentiment that has been tied to Donald Trump's landslide win in the United States presidential elections 2024, according to Reuters.
In January, Bitcoin's value reached its annual low of $38,505, before increasing increased by more than 65.4%, demonstrating an important shift pushed by President Elect Trump's ambition of developing the United States into a "global crypto capital."
Trump's resounding victory in seven crucial battleground states prompted pro-crypto activists who donated over $100 million to pro-crypto candidates' campaigns to celebrate. with his pledges of pro-crypto laws and a potentially pro-crypto Congress also seen as essential steps in the mainstreaming of cryptocurrencies in the US market, as Bloomberg reports.
By the middle of the morning in New York, the price of bitcoin had recovered to about $79,700 after reaching a high of $80,092 earlier in the day.
Le Shi, managing director at Auros, a market-making firm in Hong Kong, commented “With Trump’s pro-crypto stance, this rally was anticipated,” according to Bloomberg, adding that market activity has been fueled by the notion of regulatory support from Trump's administration, which has increased interest from institutional and individual investors.
Coingape reports citing Ki Young Ju, CEO of CryptoQuant, that some investors could be eyeing the chance to lock in profits since all Bitcoin wallet addresses are now profitable. In the case of a market decline, analysts are keeping a careful eye on support levels around $75,000, with $70,000 serving as additional crucial support. If the uptrend continues, resistance is anticipated at $80,500, with further barriers close to $85,000.
