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  • Bitcoin breaks $82,000 boosted by Trump’s re-election win

    Bitcoin breaks $82,000 boosted by Trump’s re-election win

    • Bitcoin’s upward trajectory follows Donald Trump’s presidential win last week
    • Over the past 30 days, Bitcoin has increased in value by more than 30%
    • Institutional interest is rising with Bitcoin ETFs, noted by BlackRock’s IBIT ETF reaching $1.12 billion in daily inflows

    Bitcoin has hit another record, reaching over $82,000 on Monday, boosted by Donald Trump’s re-election to the White House last week.

    According to data from CoinMarketCap, Bitcoin’s value has risen more than 19% in the past seven days and 30% over the past 30 days. Taking to X, Anthony Pompliano, host of the Pomp podcast, said:

    “The first pro-Bitcoin President was elected in US history and Bitcoin hit $80,000 within a week. The market is preparing itself.”

    While Trump’s win has helped push crypto prices up, many don’t think it’s the sole reason. In response, Sleep Money Maker said: “Think bigger than one week or one event. We’re watching decades of regulatory friction starting to dissolve. When barriers fall, capital flows – that’s just market physics in action.”

    Speaking to CoinJournal last week, James Toledano, COO at Unity, a self-custody crypto wallet, said it was “disingenuous” to say the US election directly caused the price increase.

    In the long-term, it won’t be the election that moves the crypto market, but “broader macroeconomic events, technological advancements, shifting market sentiment, and factors outside of the next President’s control,” Toldeano explained.

    Institutional appetite for Bitcoin is rising

    Institutional interest in Bitcoin has also reached new levels, noted by BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) bringing in a record $1.12 billion in daily inflows. This followed BlackRock setting a new record in October when its total assets reached $30 billion in 293 days.

    Speaking of the recent price rally, Toledano, said:

    “There is clearly heightened confidence in Bitcoin as a key investment vehicle and institutional investors are not only recognizing Bitcoin’s resilience as an asset class but are increasingly allocating capital in response to favorable macroeconomic conditions, including recent rate cuts and political shifts.”

    Other coins that are rallying include Ethereum, trading over $3,100, Solana, at $216, and Dogecoin, up nearly 158% in the past month at $0.2877.

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  • Unity COO: It’s “disingenuous” to say Trump’s win directly caused Bitcoin price rise

    Unity COO: It’s “disingenuous” to say Trump’s win directly caused Bitcoin price rise

    An image of a Bitcoin in front a background with arrows pointing up
    • Bitcoin reached a high of $75,317 in the early hours of this morning
    • In September, Bernstein analysts predicted Bitcoin to reach between $80,000 and $90,000 by the end of 2024 if Trump won
    • Unity’s COO said to CoinJournal said it was “disingenuous” to say Trump winning the US election was the sole reason Bitcoin’s price went up

    Bitcoin rose to a record high of over $75,000 early this morning as voting results signalled a Donald Trump win for the White House.

    Data from CoinMarketCap shows Bitcoin achieved a high of $75,317 around 6:25 this morning. Before the election results started coming in last night, Bitcoin was trading at around $69,000.

    However, as the evening progressed and into the early morning, Bitcoin continued an upward trajectory before reaching its new all-time high.

    Bitcoin’s last all-time high took place in March when it reached $73,000.

    Bitcoin’s all-time high of over $75,000. Source: Coinmarketcap

     

    Data from AP News shows Trump has taken 277 of the electoral results compared to Vice President and presidential candidate Kamala Harris’ 224.

    Will the price rise continue?

    While the new high comes amid the US election results, many will be wondering whether this upward movement will continue. In September, Bernstein analysts predicted that Bitcoin could reach between $80,000 and $90,000 by the end of 2024 if Trump won the presidential election.

    According to James Toldeano, COO of self-custody wallet Unity, people need to realize that data based on the 2012, 2016, and 2020 US elections doesn’t reveal consistent patterns for the crypto market concerning election results.

    “Some have looked at the 2020 election and seen the price rise from $13,760 prior to the election on November 1, to $19,698 following the election on December 1, and immediately asserted it was the election that drove the increase,” said Toldeano to Coinjournal.

    In reality, Toldeano added, several factors contributed to the price rise, including US stimulus payments, increasing interest from companies like MicroStrategy buying Bitcoin, and people seeing Bitcoin as a safe investment during the Covid pandemic.

    “While the election happened during this time, it’s disingenuous to say it directly caused the price increase,” he said.

    In the long-term, it won’t be the election that moves the crypto market, but “broader macroeconomic events, technological advancements, shifting market sentiment, and factors outside of the next President’s control,” Toldeano explained.

    Pro-crypto

    Former US President Donald Trump has come across as more crypto-friendly compared to Harris.

    Back in May, Trump promised that, if he was re-elected, he’d free Ross Ulbricht, the Silk Road creator. Ulbricht has already served 11 years in prison. In August, Trump also promised to make America the “crypto capital of the planet.”

    In September, Trump became the first US president to use the Bitcoin network. He achieved this after sending a Bitcoin transaction at PubKey, a crypto-themed bar in New York ahead of his campaign rally in Long Island.

    On the flip side, Harris has been muted about her stance on crypto despite saying her administration would support a crypto regulatory framework if she became the next US president.

    “Incoming President Trump has the power to save crypto in the US where urgent change is needed,” said Jesper Johansen, CEO and founder of Northstake, an Ethereum staking marketplace, to Coinjournal.

    “First amongst the new administration’s priorities should be to define staking as an opportunity for US investors,” Johansen continued. “The question still lingers: is staking a commodity or a security?”

    Johansen said that $6 billion is sitting in Ethereum exchange-traded funds (ETFs), which aren’t being staked, meaning investors are missing out on economic opportunities. According to Johansen, this could be one of the reasons why the uptake of Ethereum ETFs hasn’t been as popular as Bitcoin ETFs.

    “Once these core issues have been solved, changes are needed within the SEC to ensure that crypto is viewed as a vehicle of innovation, rather than something to be feared,” he added.

    Ahead of the election, Trump said he’d remove Gary Gensler, chair of the US Securities and Exchange Commission (SEC); however, it remains to be seen whether this will happen because the SEC is an independent federal agency.

    At the time of publishing, Bitcoin is trading at around $74,000.

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  • Bitcoin breaks $75k as crypto celebrates Donald Trump election win

    Bitcoin breaks $75k as crypto celebrates Donald Trump election win

    • Bitcoin spiked to above $75,400, a new all-time high.
    • This came as Donald Trump clinched the US presidency, beating Kamala Harris.

    Bitcoin rose to new all-time high above $75,000 as world leaders began to congratulate Donald Trump as the winner and president-elect in the 2024 US election.

    As Trump took a decisive lead with key wins in Pennsylvania, Georgia and North Carolina, pushing his Electoral College votes past the 270 mark, Bitcoin price rocketed past $75k to hit a new all-time high above$75,400.

    BTC chart. Source: TradingView

    The flagship cryptocurrency has since retraced below $74k, but its sharp surge had over half a billion dollars liquidated. Per Coinglass, 124,734 traders saw their positions liquidated in the past 24 hours, with total liquidations at more than $557 million.

    BTC liquidations stood at over $273 million, with more than 70% of that – $211 million – in shorts. Crypto is overall extremely bullish on a Trump presidency and analysts say dips in coming months will offer buy opportunities.

    Trump’s pro-crypto stance

    As the election cycle slowly comes to an end, key to the crypto industry is that the most “pro-crypto” candidate has won. World leaders, including Israeli Prime Minister Benjamin Netanyahu, India’s Narendra Modi and El Salvador President Nayib Bukele, have all congratulated Trump on his victory.

    The US president-elect has also given a victory speech.

    But while the market celebrates, what remains to be seen is whether he keeps the pledges he made during the campaign. These include two pledges for “day one” in office: fire US Securities and Exchange Commission Chair Gary Gensler and commute the sentence of Ross Ulbright.

    He also said he’d make the US the world’s BTC mining hub, support a strategic Bitcoin reserve effort and never allow the creation of a central bank digital currency (CBDC).

    Despite these pledges, industry experts say a Trump White House will be more supportive of crypto in general. The number of pro-crypto Senate and House Representaives has also increased significantly to suggest the road to regulatory clarity has likely opened up.

     

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  • BREAKING: Bitcoin hits $28k after Grayscale win against SEC

    BREAKING: Bitcoin hits $28k after Grayscale win against SEC

    • Bitcoin price rose to highs of $28,142 on crypto exchange Bitstamp on Tuesday.
    • The gains came as the crypto market reacted to news of Grayscale’s win against the SEC.

    Bitcoin price saw a huge spike in volatility on Tuesday afternoon as prices across the crypto market rose. The world’s largest cryptocurrency by market cap jumped 7% to trade to highs of $28,142 at 1:05 pm ET, with the crypto market cap rising 6% to $1.15 trillion.

    Bitcoin price chart

    Elsewhere in the market, Ethereum traded to highs of $1,740, with its value up 5% in the past 24 hours. All the top 10 altcoins were in the green on the day at the time of writing, with BNB up 4%, XRP +3.8%, Cardano +4% and Dogecoin +6%.

    Why is Bitcoin and crypto surging?

    Bitcoin’s sharp price action to the new multi-week high came as the market reacted to news that Grayscale Investments had won in its lawsuit against the US Securities and Exchange Commission (SEC).

    As CoinJournal reported earlier today, the DC Circuit court ruled that the SEC had wrongfully denied Grayscale’s proposal to convert its Bitcoin Trust fund (GBTC) to a spot Bitcoin ETF.

    The court vacated the SEC’s order disapproving the application and granted the petition to have SEC review the proposal.

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  • Grayscale secures a big win against SEC in Bitcoin ETF case

    Grayscale secures a big win against SEC in Bitcoin ETF case

    grayscale win against sec in bitcoin etf case
    • U.S. court rules in favour of Grayscale in its lawsuit against SEC.
    • Today’s ruling paves the way for the first U.S. Bitcoin ETF.
    • Bitcoin and Ethereum jumped over 5.0% following the news.

    The U.S. Court of Appeals for the DC Circuit just ruled in favour of Grayscale in its long-running lawsuit against the Securities & Exchange Commission.

    First U.S. Bitcoin ETF is now expected soon

    SEC had blocked the asset manager’s effort to convert its flagship Grayscale Bitcoin Trust to an exchange-traded fund last year.

    But the ruling this morning paves the way for a Bitcoin ETF not just for Grayscale but also for others that have applied for one, including BlackRock and Fidelity. A Grayscale spokeswoman said today:

    [Ruling] is a monumental step forward for investors, Bitcoin ecosystem, and those who have been advocating for Bitcoin exposure through added protections of ETF wrapper.

    Bitcoin as well as Ethereum jumped more than 5.0% following the announcement on Tuesday.

    Why does a Bitcoin ETF attract all the hype?

    Note that a Spot Bitcoin ETF is a big deal as several experts are convinced that it would help boost institutional interest in the cryptocurrency and potentially unlock its next leg up.

    Shares of Coinbase Global – the listed custodian partner in a bunch of applications for such an exchange-traded fund are also up nearly 15% at writing. According to Dave Weisberger – the Chie Executive of CoinRoutes:

    It virtually guarantees they will approve BlackRock and Fidelity. Grayscale may need to refile, but they will almost certainty be approved as well.

    The Grayscale Bitcoin Trust currently manages assets worth about $16 billion. The aforementioned lawsuit against the U.S. Securities & Exchange Commission started in June of 2022.

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  • Ripple secures a ‘huge win’ as Judge rules XRP is ‘not’ a security

    Ripple secures a ‘huge win’ as Judge rules XRP is ‘not’ a security

    ripple wins sec case xrp not a security
    • Judge Analisa Torres rules XRP token is a not a security.
    • Coinbase will resume trading in XRP in the next few minutes.
    • XRP nearly doubled in value following the ruling today.

    “XRP” – the native token of Ripple Labs nearly doubled in value on Thursday after the crypto company secured a “huge win” against the U.S. Securities and Exchange Commission.

    U.S. judge rules XRP is not a security

    Judge Analisa Torres of a U.S. District Court concluded the case today that has been dragged for three years now with a ruling that XRP is “not” a security.

    Defendants’ motion for summary judgement is GRANTED as to the Programmatic Sales, the Other Distributions, and Larsen’s and Garlinghouse’s sales, and DENIED as to Institutional Sales.

    The decision is a victory not just for Ripple but the crypto market at large that surpassed $1.20 trillion just hours after the ruling.

    Bitcoin was seen trading above $31,500 and Ethereum topped the $2,000 level.

    Coinbase to resume trading in XRP

    Reacting to the ruling, Coinbase – the largest U.S. crypto exchange also confirmed on Twitter that trading will resume in XRP later today.

    Note that the win Ripple has secured against the SEC on Thursday bodes well for other crypto companies as well that are currently facing intense regulatory scrutiny. That includes Coinbase itself.

    Also this morning, the Financial Times confirmed that Jacobi Asset Management is all set to debut the Europe’s first Spot Bitcoin ETF on the Euronext Amsterdam before the end of 2023. That also helped buoy the cryptocurrencies today.

    In the U.S., heavy weights including BlackRock are awaiting approval for a similar exchange-traded fund.

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