Bitcoin value soars past $37,250 amid ETF optimism and election results  |  Editor Nikhilesh Pawar

Published Nov 21, 2023 04:46

The cryptocurrency market has experienced a significant upturn, with Bitcoin (BTC-USD) breaking through a crucial resistance level and surpassing $37,250 today. This rally is partly driven by growing optimism around exchange-traded funds (ETFs) and the broader crypto market's positive reaction to the presidential election results in Argentina.

Since early October, Bitcoin has seen a remarkable rise of over 30%, suggesting the onset of a bull market and providing a stark contrast to the subdued trading that followed the downturn in May 2022. The recent surge in Bitcoin's value also reflects heightened anticipation for pro-crypto policies after Javier Milei's victory in Argentina's presidential race. This political shift has had a ripple effect across related stocks and the entire crypto market capitalization, which expanded by 1.7% to reach $1.42 trillion.

The bullish trend extends beyond Bitcoin, as Ethereum (ETH-USD) also climbed significantly by 2.5% to $2.02K. Major companies linked to cryptocurrencies have likewise benefited from the market's positive momentum. Notable gains were observed in MicroStrategy (+3.1%), Coinbase (NASDAQ:COIN) (+4.4%), Bakkt (+18.5%), Core Scientific (+8.5%), Riot Platforms (NASDAQ:RIOT) (+4.4%), and Marathon Digital (NASDAQ:MARA) (+2.6%).

Investors and enthusiasts are closely monitoring these developments as they signal a potential shift in the crypto landscape, with the market responding favorably to both regulatory prospects and political changes that could shape the future of digital currencies.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Get The App
Join the millions of people who stay on top of global financial markets with
Download Now

Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Sign out
Are you sure you want to sign out?
Saving Changes