Bitcoin Surges Past $80,000 Mark

Bitcoin has reached a new milestone, surpassing $80,000 per coin for the first time, driven by U.S. President-elect Donald Trump's positive stance on digital assets.

According to Bloomberg, Bitcoin rose as much as 4.7 percent on November 10, reaching $80,092, breaking the $80,000 barrier for the first time.

During his campaign, Trump pledged to establish strategic Bitcoin reserves and appoint a regulatory authority knowledgeable in digital assets within his first 100 days in office. He also announced plans to replace Gary Gensler, the chair of the U.S. Securities and Exchange Commission (SEC), who had imposed strict regulations on cryptocurrencies.

The anticipation of Trump's crypto-friendly policies fueled Bitcoin's volatility, with prices surging every time his victory seemed more likely. Before the election, Bitcoin hovered around $73,000, surged past $75,000 on election day, and continued climbing until it finally reached $80,000 today.

Bloomberg noted, "BlackRock's $35 billion Exchange Traded Fund (ETF) saw an inflow of about $1.4 billion on Thursday as Trump's victory was confirmed, marking the largest daily inflow, reflecting optimism around price growth."

With the Republican Party set to dominate both the Senate and House, the likelihood of crypto-friendly legislation passing has further increased. Amid this optimism, the market expects Bitcoin could break the $100,000 threshold. Nick Philpott, co-founder of Zodia Markets, predicted, "With funds pouring into ETFs and other digital assets, Bitcoin may reach $100,000 as early as the first quarter next year or even sooner." Matt Hougan, chief investment officer (CIO) of Bitwise, also forecast that Bitcoin could surpass $100,000 by the end of the year.