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Bitcoin Today 11/07/2024: demand for BTC increases among miners and institutions
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The market had no rest after Trump’s victory and BTC recorded a new all-time high, reaching US$76,000 on Wednesday (06). It was an increase of more than 7% on Wednesday (06), with a trading volume that exceeded US$81 billion.
Although part of these gains have been lost, the cryptocurrency still operates above US$74,800. According to CoinGecko, BTC appreciated by 1.2% this Thursday morning (07). In the last 30 days, BTC’s positive performance reaches 19%.
In the Top 10, the biggest rise of the day was ETH, which appreciated by almost 7% and reached US$2,800, an increase that also reached all ETH-wrapped tokens. The biggest overall appreciation was with Raydium (RAY), whose price rose 30.2% in the last 24 hours, and the memecoin NEIRO appreciated 19.2%, which placed it in the Top 100.
However, NEIRO was an exception among memecoins, as they accounted for the biggest drops in the Top 100. POPCAT, for example, led the day’s losses dropping 5.5%, followed by Dogecoin (DOGE) with a drop of 5.5%. 1%. Another memecoin that fell hard was BONK, which recorded losses of 2.5%.
Global Bitcoin Reserve Gains Strength
After Trump’s victory, several names linked to Bitcoin joined the “strategic reserve” chorus. In other words, advocate that the new government buy BTC to create a reserve, just as MicroStrategy and El Salvador are doing.
One of these voices was Senator Cynthia Lummis, a great supporter of Bitcoin, who spoke about it on her X account. In all caps, the senator tweeted: “let’s build a strategic Bitcoin reserve”. The message had great repercussion and reached Michael Saylor, founder of MicroStrategy, who supported the senator.
In July, Senator Lummis spoke at the Bitcoin Conference 2024 in Nashville when she declared that BTC purchasing would begin after Trump’s victory. According to the senator, the measure would consist of converting excess reserves in the 12 branches of the US Federal Reserve to BTC.
Furthermore, the senator also proposed that the US government should have at least 5% of the total BTC supply, i.e. 1 million Bitcoins. According to data from Arkham Intelligence, the government has around 220,000 BTC, which means a fivefold increase in its reserve.
After Donald Trump’s victory yesterday, the price of Bitcoin has already reached a new historic high and encouraged the market, which is already targeting US$100,000. This could happen if Trump announces a strategic Bitcoin reserve and invests billions to acquire the cryptocurrency.
“If the United States establishes a strategic bitcoin reserve, it will start a global rush unlike anything we have seen before,” said Anthony Pompliano.
Bitcoin Today 11/07/2024: demand for BTC increases among miners and institutions
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Bitcoin Today 11/07/2024: demand for BTC increases among miners and institutions
