Bitcoin may now hit $100k after Trump's win! - Is it the right time to buy?
Bitcoin hit a record high on Wednesday morning as it looked increasingly likely that Donald Trump would take the White House. The cryptocurrency hit a new high of $75,273.47, crossing the $75,000 mark for the first time since Trump took the lead in the presidential race.
With Trump's victory confirmed, bitcoin has bounced back from its peak, but is trading up more than 6.31 percent to $73,759.29 as of midday Wednesday. The coin has mostly traded below $70,000 so far this year, having dipped below that point in June before posting fairly large gains last week.
Donald Trump has long supported a decentralized approach to cryptocurrencies, meaning fewer restrictions on the market. As a result, crypto investors are hoping for a new favorable policy for the crypto space.
Bitcoin's rise in value comes as part of the 'Trump trade', with investors flocking to assets expected to perform well under a Trump presidency. Other cryptocurrencies also jumped in value, with ethereum up 8 percent and dogecoin up 18 percent. Publicly listed crypto mining companies and crypto proxies have posted profits.
Bitcoin development company MicroStrategy is up almost nine percent in premarket trading. Similarly, Trump Media rose 31 percent in premarket trading following the election result, while Elon Musk's Tesla rose 13 percent.
With Bitcoin hitting a new record high, experts say it could be on track to break further highs in the coming weeks and months.
Is now the right time to buy Bitcoin?
With Trump in the White House, the outlook for crypto looks more promising than in recent years. Despite the high prices, it may be a good time to invest in bitcoin.
Additionally, inflation rates in developed countries have started to fall back to target levels, which could provide a positive environment for the crypto market.
If you want to buy Bitcoin
Find out how bitcoin and the blockchain work so you can gain insight into the system, ledger, key players, and key public and private elements. Remember that bitcoin gives nothing and the main source of its value is scarcity. Most bitcoin activity is trading, not investing.
Look for coin wallets, digital vaults where cryptocurrencies are held and carefully consider security. Bitcoin has been stolen before, understand how it happened. Be prepared for extreme volatility. The price can move 20 percent in a day and you can easily lose half of your money in a much faster time than investing in the stock market.
Think about how you will make any profit. There are reports that this has proved difficult for some people. A time of market stress can lead to people shutting down and unable to trade.
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