October 15, 2024 [crocon media – msteph] Bitcoin Climbs Near Record High, Fueled by Endorsements and Trump-Linked Projects
Bitcoin is surging once again, reaching a high of $67,800, just shy of the $68,000 mark, and only 8% away from its all-time high set in March. This latest rally comes on the back of BlackRock CEO Larry Fink’s endorsement of Bitcoin as a legitimate asset class. During a recent earnings call, Fink reaffirmed his belief that Bitcoin could rival traditional commodities like gold, driving renewed investor confidence in the cryptocurrency.
Bitcoin’s market cap has now soared to $1.3 trillion, demonstrating its growing importance in the global financial landscape. Fink’s comments follow a bullish period for Bitcoin, particularly after US spot Bitcoin ETFs saw $550 million in net inflows on Monday, according to data from Farside Investors.
Adding to the upward momentum, former President Donald Trump’s backing of the World Liberty Finance (WLFI) project, which recently launched a presale for its WLFI token, raised an impressive $5 million in its first hour. Despite initial website issues, the project’s success is seen as a significant milestone, and analysts suggest that Trump’s involvement in crypto could further drive market growth.
In contrast, Kamala Harris, Trump’s political rival in the upcoming election, has been more conservative on digital assets. Analysts speculate that a Republican presidency could bring a more crypto-friendly environment, propelling digital currencies to new heights. The current rally has already seen $130 million in short positions liquidated, as traders betting against Bitcoin suffered substantial losses.
Overall, market sentiment remains highly bullish, with many expecting further gains if Trump continues his pro-crypto push, setting the stage for a potentially explosive post-election crypto market.
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