Bitcoin’s price hit an all-time high above $75,000 on November 6 at 3:30 am UTC. The Bitcoin price surge came after months of trading sideways within a narrow range below $70,000. Additionally, it marks the first instance Bitcoin has managed to break past its previous all-time high of $73,797.68 recorded in March.
The BTC price surge earlier today was due to rising optimism concerning Trump’s chances of winning the election and his friendly attitude toward crypto. With traders and investors positioning themselves early for the possibility of a Trump win, the cryptocurrency market prepared for what could amount to a monumental shift both in regulatory and investment landscapes.
According to reports, Donald Trump has won the 2024 US presidential elections. Bitcoin remains bullish, with crypto investors eyeing upward price action in Trump’s era. As of the time of writing, Bitcoin is currently trading at around $73,788.
Trump’s Support for Cryptocurrency: Will It Be A Game-Changer?
Before his presidential election victory, Trump mostly positioned himself as crypto-friendly, promising on his campaign trail that he would turn the U.S. into the “crypto capital of the world.” He promised to call for a strategic Bitcoin reserve and added that upon his victory, he would appoint regulators who are friendlier with digital assets. His policy is starkly opposite that of Vice President Kamala Harris, who is for more cautious regulations.
The crypto market is certainly buying into all this pro-crypto rhetoric. Investors see Trump as someone who would gradually fashion a more friendly regulatory environment for the industry.
How the 2024 US Election Influenced Bitcoin’s Price
Presidential election years have proved good for Bitcoin. Based on previous elections, BTC rose 87% in 2012, 44% in 2016, and 145% in 2020. The 2024 presidential election has proved pivotal for Bitcoin because it would give a high degree of foreshadowing into what regulatory development might look like.
According to forecasts, Bitcoin and other cryptocurrencies could surge under Trump’s presidency due to more friendly, accommodating regulations. Most investors expect interest rate cuts in the market, contributing to higher demand for Bitcoin as an inflationary hedge.
The Future of Crypto Under Trump’s Presidency
With Bitcoin hitting a new all-time high today, Trump’s swearing-in promises a bright future for the crypto industry. Most crypto enthusiasts predict more institutional adoptions and much friendlier regulations during Trump’s term. To most, Bitcoin is increasingly becoming a hedge against inflation, just like gold.
Regardless, analysts predict that Bitcoin’s volatility could remain high. Despite this, Crypto investors and traders expect price turmoil in the short term as the market digests the result of the US presidential election.
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