The Dow and S&P 500 bounced back in late trading as investors eagerly awaited Nvidia's earnings release. The AI chipmaker's strong performance caused the stock market to rally, with other big tech companies like Apple and Meta Platforms also seeing gains. However, Target's disappointing results led to a drastic 21% drop in its stock, while Comcast's decision to spin off some of its cable channels caused a 1.5% increase in its share price. Additionally, the record-high performance of Bitcoin has given MicroStrategy a 10% jump in stock price, showing the growing influence of cryptocurrency in the business world.
As Bitcoin surges to a new high of $89,637, investors are attributing it to the optimism surrounding Trump's pro-crypto stance and promises to make America the "crypto capital of the planet". The surge has been dubbed the 'Trump trade', with stocks tied to the cryptocurrency market also seeing a rise. Analysts predict that Trump's potential crypto-friendly policies will lead to increased demand for digital assets and crypto-related stocks. With the talk of a crypto-friendly administration, the future of Bitcoin and other cryptocurrencies in the US market is heavily anticipated.
On the verge of reaching a record-breaking $90,000, Bitcoin has experienced a surge in value since the election of Donald Trump as U.S. president. This growth in the world's biggest cryptocurrency is largely attributed to expectations of the Trump administration being more crypto-friendly. With allies like Elon Musk's Tesla and Trump's pro-digital assets stance, investors are confident in the success of the industry under Trump's leadership. This has also lead to an increase in demand for crypto stocks and currencies, solidifying the notion of the U.S. becoming the "crypto capital of the planet".
The bullishness surrounding Bitcoin (BTC) is reaching a boiling point as the market disregards the chances of a significant price drop. BTC made daily gains of 4.5% on November 11 and is now up nearly 25% in the last week. Despite the predictions of some market participants, including popular trader known as Il Capo of Crypto, for a major capitulation, BTC/USD showed no signs of slowing down and is currently experiencing a continuous phase of price discovery. With more bid liquidity building up and no major retracements in sight, the momentum for BTC seems to be only getting stronger.
Former President Donald Trump voiced his support for Bitcoin at the 2024 conference in Nashville, Tennessee. He labeled the cryptocurrency as the future of currency, causing a surge in Bitcoin's value. This comes after Trump's recent praise for blockchain technology and his own involvement in the industry.
In his latest video, famous crypto influencer Lark Davis makes a compelling case for why Bitcoin could reach $200,000 by 2025. Davis highlights several key factors, including the potential for a U.S. strategic Bitcoin reserve, growing support from U.S. officials, and the increasing adoption and regulation of Bitcoin by other countries. He also mentions the influence of tech giants like Microsoft, who are considering investing in Bitcoin. With these factors combined, Davis believes that a perfect storm is brewing for the future of the coin, making it an attractive investment opportunity.
The price of Bitcoin has skyrocketed past $82,000, causing excitement and greed among investors in the cryptocurrency market. The surge in price has been attributed to the growing acceptance of Bitcoin by mainstream companies and investors. With all eyes on Bitcoin, experts warn of potential risks and volatility in the market as excitement builds.
Bitcoin has hit its all-time high of $75,000, with its market cap reaching $1.5 trillion and its volume at nearly $77 billion in the past 24 hours. This surge is attributed to significant inflows into exchange-traded funds (ETFs) and speculation around the US presidential election results, where Republican Donald Trump is leading with 246 electoral votes. Experts predict that the momentum of the crypto industry is undeniable, regardless of the election outcome, and a Trump victory could further fuel its upward trajectory with potential regulatory-friendly policies. Since its inception, Bitcoin has experienced significant price movements during US elections, with prices continuing to rise in the long-term.
In a recent note to clients, Goldman Sachs cautions against assuming that Bitcoin's price will significantly increase after the upcoming halving event. They point to current economic factors, such as high inflation and interest rates, which differ from previous halvings. The bank believes that the supply-demand dynamic and demand for Bitcoin ETFs will play a bigger role in price action rather than the hype surrounding the halving.
As Bitcoin's fourth mining reward halving approaches, Goldman Sachs cautions against relying on past halving cycles to forecast price movements. The investment bank's FICC and Equities team emphasizes the importance of macroeconomic conditions and ETF demand for determining Bitcoin's medium-term trajectory. While previous halvings have coincided with price appreciation, the team points out significant differences in the current landscape, including high inflation and interest rates in the U.S. Despite Bitcoin's recent rally, Goldman highlights the ongoing supply-demand dynamics and ETF uptake as crucial factors for the cryptocurrency's future performance.