Bitcoin Hits New High Above $81,000 Amid Hopes for Trump’s Crypto Policies
Date: 2024-11-11 Author: Henry Casey Categories: CRYPTO PAYMENTS
Bitcoin hit a record $81,262 on Monday, pushing the cryptocurrency market cap to $2.8 trillion and Bitcoin itself to $1.6 trillion. The crypto market’s impressive gains coincided with US stocks’ best performance in a year. Bitcoin’s rise has seen traders liquidate $624.9 million in the last 24 hours, according to CoinGlass.
Crypto Market Awaits Trump’s Pro-Crypto Policies
Trump’s election has also seen a surge in pro-crypto candidates in Congress, with 266 representatives versus 120 opponents. This creates favorable conditions for the crypto industry, especially in light of the US plans to create strategic Bitcoin reserves and the recent interest rate cut.
Bitcoin Act and Reserve Strategy
The Bitcoin Act aims to recognize Bitcoin as a strategic asset similar to gold. The US government intends to purchase up to 5% of the total supply of Bitcoin, storing it in national reserves for long-term storage and financial stability.
