Bitcoin eyes $85K as investor confidence spikes post-US election – New Style Motorsport

Spot Bitcoin ETF recorded a new all-time high of over $1.37 billion in net inflows a day after Trump’s victory.

Bitcoin is flirting with the $77,000 mark, as Donald Trump’s victory inspired a new wave of bullish inflows into Bitcoin-related products, driven by expectations of improving economic policy in the United States.

The Bitcoin
BTC
tickers down
$75,907
price nearly broke above $77,000 on Nov. 8, two days after Trump was declared the winner of the US election, inspiring a new wave of investor appetite for risk-on assets.

According to a Nov. 8 research note from trading firm QCP Capital, investor optimism around a Republican presidential win could push Bitcoin past $77,000. QCP wrote:

“Unprecedented net inflows of $1.38 billion into BTC spot ETFs yesterday,

coupled with optimism from Trump’s victory and a widely anticipated 25 bps Fed cut, have propelled BTC to $77,000 early this morning.”
Bitcoin rose to an all-time high of $76,999 at 8:15 pm UTC on Nov. 7, Cointelegraph data shows.

Continued inflows into spot Bitcoin exchange-traded funds (ETFs) could push BTC to a new all-time high,

according to historical patterns observed in previous bull markets following Bitcoin’s halving events. The post-halving bull market is expected to last through the third quarter of 2025.

Bitget Research’s chief analyst, Ryan Lee, expects Bitcoin to breach $100,000 before the end of 2024.

Bitcoin to overtake other risk assets on China tariff fears?
Bitcoin could outperform other risk-on assets like gold and traditional equities.

This is partly because of Trump’s expected 60% tariff on China, according to QCP’s research note, which explained:

“As markets consider Trump’s proposed 60% tariff on China and fiscal concerns like the rising national

debt, we expect BTC to carry less risk premium compared to equities, potentially positioning it to outperform other risk-on assets.”

Trump has proposed a 60% tariff on Chinese imports, a significant increase from the 7.5% to 25% rates during his first term.

Record inflows for Bitcoin ETFs post-election
Spot Bitcoin ETF inflows recorded a new all-time high in net inflows on the day after Trump’s victory.

The US spot Bitcoin ETFs saw over $1.37 billion worth of cumulative net inflows on Nov. 7, Farside Investors data shows.

Leave a Reply

Your email address will not be published. Required fields are marked *