The key driving factor for the rise in the price of bitcoin is the results of the USA presidential election. President-elect Trump has promised to abolish the Biden administration's restrictions on cryptos and appoint regulators who support digital assets. Trump also supports establishing a global strategy reserve for bitcoin in the USA.
The usa bitcoin etf market is experiencing explosive growth, with net inflow of funds in November expected to reach an all-time high. According to Bloomberg data, 12 bitcoin etfs, including blackrock and fidelity, have attracted 6.2 billion dollars in funding this month, surpassing the record of 6 billion dollars set in February.
This growth momentum is primarily due to the strong rise in bitcoin prices. Last week, bitcoin briefly approached the 0.1 million dollar mark and is currently around 96,400 dollars. Since the beginning of the year, bitcoin prices have doubled, outperforming the global stock market and gold.
The key driving factor for the increase in bitcoin prices is the outcome of the usa presidential election. Elected president Trump has promised to abolish the Biden administration's restrictions on cryptos and appoint regulators who support digital assets. Trump has also supported establishing a strategic reserve of bitcoin in the usa, and this shift in attitude has sparked discussions in the market.
eToro analyst Josh Gilbert stated that under the Trump administration, it will become easier for companies and retirement funds to invest in bitcoin, and the inflow of etf funds is expected to continue to increase.
The usa Securities and Exchange Commission (SEC) reluctantly approved the listing of the spot bitcoin etf in January this year, and then approved the ethereum etf. The outgoing SEC chairman Gary Gensler has been critical of cryptos, while Trump may appoint someone who supports digital assets to succeed him, paving the way for other token etfs.
It is noteworthy that Trump was once skeptical about cryptos, but his stance has significantly changed after large amounts of money flowed into the industry during the election period. This series of changes indicates that the usa cryptocurrency market may welcome a more lenient regulatory environment and greater development space.