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Bitcoin Fly To Sky! Surpass $90,000

Stock SpotlightWednesday, Nov 13, 2024 9:45 am ET
1min read

Bitcoin has hit a new all-time high, surging above $90,000 and edging closer to the highly anticipated $100,000 mark. The cryptocurrency's climb is widely attributed to President-elect Donald Trump's favorable stance on the industry, with promises of supportive regulations.

Investors are already betting on Bitcoin reaching six figures soon. On Kalshi, a prediction market platform, 60% of users are wagering that Bitcoin could hit $100,000 by January, and 45% believe it could even happen by November.

Experts see further upside potential for Bitcoin. Co-Pierre Georg, Director of the Blockchain Center at the Frankfurt School of Finance and Management, credits the surge mainly to structural factors amplified by the U.S. election. Georg explained that the U.S. regulators' approval of Bitcoin ETFs in January made it easier for investors to gain exposure to Bitcoin's price movements without needing to own the asset directly. 

Since regulatory approval, a wave of institutional capital has flowed into these ETFs, with major players like BlackRock fueling the rally. In contrast, direct Bitcoin purchases through exchanges such as Coinbase, Bitpanda, or Kraken have remained steady.

Market sentiment remains strongly positive, with further gains expected. "We anticipate Bitcoin could reach the six-figure mark by year-end," said Mike Colonnese, an analyst at H.C. Wainwright. After breaking its all-time high following Trump's election win last Wednesday, Bitcoin is now in full price discovery mode.

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Just_Fox_5450
11/13
$COIN Why isn't this coin at 340 yet?
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JOHNNY TODD
11/13

Since Donald J. Trump has approved crypto sales for investment. I've became so rich in cryptocurrency I realise that crypto is the future cuz I invested 10k and made up to 36k as weekly profit I appreciate the help of this platform on fA¢€book, that is been managed by Mrs (KARLA ELLISON)  

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Working_Initiative_7
11/13
While I agree with Georg about structural factors, let's not underestimate the role of speculation here. A correction could be lurking just beneath the surface... Proceed with caution, folks
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Mean_Dip_7001
11/13
Just dipped my toes into the crypto market with BTC, and what a time to do it! Thank you, Mr. Trump (and regulatory bodies), for making this accessible to newbies like me
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NeighborhoodOld7075
11/13
Well, I guess you could say Bitcoin's'magnetically' pulling towards $100k. Who needs space to make millions, though - it's all about the crypto-stellar performance here
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Solarprobro4
11/13
Interesting to see the impact of regulatory approval on Bitcoin's price. Will be watching to see if this continues post-election. For now, just observing.
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NEYO8uw11qgD0J
11/13
Loving this! Just bought more BTC, hoping to cash in before $100k. Anyone else all in on this cryptocurrency party?
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Sjgreen
11/13
Not sure if this rally is sustainable. We've seen these'surges' before, only to plummet back down. Don't want to get burned again...
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Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.
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