Trump Rally Ignites: Bitcoin Price Reaches All-Time High of $75K

- Bitcoin Reaches $75,358 Due to Donald Trump's Predicted Election Victory - Cryptocurrency Investors Eager About Trump's Deregulation Promises [Unblock Media] The price of Bitcoin has reached a new all-time high of $75,358 as cryptocurrency investors cheer for the predicted election victory of Donald Trump. Trump has promised to make America the "world's top Bitcoin superpower." Bitcoin, the world's largest cryptocurrency, saw an increase of over 7% as Trump's chances of winning the election rose, surpassing its previous high of $73,803.25 from last March. Trump has opened the path to the White House by winning key battleground states such as North Carolina and Georgia. However, the election results in several major battleground states are still not finalized. If Trump is elected, investors are expected to actively invest in major cryptocurrencies like Bitcoin due to anticipated deregulation or crypto-friendly policies. Such policies would not only promote the growth of the cryptocurrency industry but also provide more freedom to investors by escaping the current regulatory environment. Trump has positioned himself as a pro-cryptocurrency candidate, promising to end the industry's "persecution" and has garnered support from major Silicon Valley cryptocurrency investors, especially Andreessen Horowitz's venture capital and Gemini co-founders Tyler and Cameron Winklevoss. Kris Marszalek, CEO of Crypto.com, stated, "The future of cryptocurrency has never been brighter." Tyler Winklevoss tweeted, "We are on the brink of a new American renaissance," adding, "The crypto army is launching its attack." The rise of Bitcoin has also lifted the prices of other cryptocurrencies. Ethereum's price increased by 7% to reach $2,595, Solana surged by 15% to $186, and the meme token Dogecoin, favored by Elon Musk, jumped by 22%. Brian Armstrong, CEO of Coinbase, said, "Tonight, the cryptocurrency voter has spoken decisively," adding that "Americans have a disproportionate interest in cryptocurrency and want clear rules for digital assets." Digital asset investors and executives are hopeful that if Trump is elected, he will fulfill his promise to remove SEC Chairman Gary Gensler, who has filed lawsuits against cryptocurrency companies. Matt Hougan, Chief Investment Officer of Bitwise, commented that the cryptocurrency industry is gaining confidence by the minute in experiencing a neutral or even positive regulatory environment. This week's rise in Bitcoin has also been fueled by inflows into U.S. exchange-traded funds (ETFs) that directly invest in cryptocurrencies. The market leader, BlackRock's fund, attracted over $2.4 billion in the last week alone, bringing its total assets to over $29 billion. These inflows have increased Bitcoin's market liquidity, contributing directly to its price rise. The influx of institutional investors has made it possible to form a more stable and credible market compared to individual investors. Bitcoin was trading above $70,000 in early June but briefly dipped below $50,000 in August after President Joe Biden announced he would not seek re-election and endorsed Kamala Harris. However, it has been strong over the past two months, coinciding with a rebound in the stock price of Trump's social media group, Trump Media & Technology. Ahead of the election, Trump promoted a new cryptocurrency venture called World Liberty Financial, which is expected to earn substantial fees. This decentralized finance platform will "leverage the global reach and recognition of the Trump brand," raising $14.7 million through the sale of non-tradable tokens without offering ownership. Trump generates revenue by collecting direct fees from these token sales. Some industry executives expressed concerns that this project might undermine efforts to regain trust after years of high-profile cryptocurrency industry collapses and scams.