- The showpiece digital asset Bitcoin celebrates a new record at $80K.
- El Salvador’s Bitcoin buying sprees bore fruit in a $111M profit since adoption.
- Crypto’s Fear & Greed Index turns light green with an ‘extreme greed’ status.
Donald Trump’s comeback to the White House has produced multiple winners in famous crypto enthusiasts, including Tesla’s Elon Musk and El Salvador’s Nayib Bukele. The latter pledged to add one Bitcoin (BTC) daily to his country’s publicly trackable cold wallet.
El Salvador: Less Crime, More Bitcoin?
President Bukele shared the crypto wallet address in March, remarking, “It’s not much, but it’s honest work.” This made a reference to a cult internet meme by an American farmer who became an unwitting internet symbol for hard work and humility.
Bukele has gained public traction due to its unconventional methods of dealing with violent criminals in El Salvador. The victory against the notorious MS-13 gang in the area comes amid the Central American country’s search for a new identity. El Salvador has wiped out all taxes on tech and welcomed Google, aspiring to become the next crypto hub.
Bitcoin Boasts New Record: $100K Next?
Under the influence of the U.S. Election, which ignited the crypto rally, Bitcoin (BTC) soared to new all-time heights, breaking above $81,000 for the first time. This has set a record for Bitcoin exchange-traded funds (ETFs), as November 4 and 8 saw a stunning inflow of $1.63 billion in BTC ETF assets under management.
El Salvador has vastly capitalized on Bitcoin’s latest price rally. The Central American nation’s 6,152 Bitcoins are now worth $456.44 million, making the government’s worst trade at a cycle peak in October 2021, yielding a 32.96% profit.
As the flagship crypto asset just scored a new all-time peak of $81,358.83, it begs the question if the monumental bull rally can reach $100,000. Network economist Timothy Peterson marked the $100,000 checkmark a few weeks ago as the ultimate goal within the next three months, basing his prediction on BTC’s 2017 and 2021 rallies scaled to this year with standard deviation rates.
As of press time, the king crypto is priced at $80,475, slightly retracing from the all-time high of $81,358, netted hours ago. Bitcoin’s trading volume on Spot is on a hot streak with $92,108,434,292, nearing a record-high $100 billion in a 24-hour activity window.
On the Flipside
- Crypto’s Fear & Greed Index is 78, hinting at extreme greed among cryptocurrency traders.
- This condition has historically resulted in a harsh crypto market correction, even though 100% of BTC owners are currently in profit.
- El Salvador’s Bitcoin-powered economic growth saw numerous risk warnings from the International Monetary Fund (IMF).
Why This Matters
The landmark price action signifies a turning point for the political influence on crypto, showcasing the benefits of early adoption in El Salvador’s case.
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