Bitcoin hits all time high

Bitcoin (BTC) broke through $77,000 for the first time on Friday, while some laggard altcoins joined the rally after the Federal Reserve lowered interest rates. Cryptocurrency price milestones continue to tumble amid Donald Trump’s election victory.

The largest and oldest crypto eked out a new record price of $77,105  on Friday as shown on Binance.  Bitcoin surged after Donald Trump emerged victorious in the presidential election earlier this week and broke its all-time high of March as all signs pointed to his eventual return to the White House.

Bitcoin is up by more than 10% for the week and has increased by more than 22% in the last month. It is currently the ninth-largest financial asset in the world, with a market value of well over $12.5 trillion.

Funding rates for perpetual swaps on cryptocurrency exchanges are significantly closer to neutral levels than the market peak in early March, CoinGlass data reveals that crypto assets saw double-digit gains this week, with Bitcoin reaching record highs. A funding rate is a price that long traders pay short traders to enter the other side of a trade.

Shorts pay the fee to longs when funding rates are negative because this relationship frequently during bearish times. As the country elected a new president on Tuesday, who offers a completely different course for the next four years, it has been a significant week for the largest economy in the world.

The Federal Reserve held its first FOMC meeting on Thursday since it cut the main interest rates by 0.5 percent in September. As Fed Chair Jerome Powell announced minutes ago, most market analysts and experts expected a more moderate cut of 25 basis points during the November meeting. As a result, the rates have been lowered from 4 percent to 4 percent.

The country’s falling inflation rates served as the basis for the central bank’s decision, reiterating its intention to cut it to 2 percent over the coming months. It appeared that the markets had already priced in such a move by the Fed, as most analysts had predicted. Therefore, minutes after the decision was made, there was no significant movement in Bitcoin’s price