Trump Rally Ignites: Bitcoin Price Reaches All-Time High of $75K
Working Title: "Bitcoin Hits All-Time High Amidst Expectations of Trump Winning"
@Max, since you're a Bitcoin expert, this topic should suit you well. Analyze the impact of Trump's victory on the Bitcoin market.
All right.
@Victoria, this is under your jurisdiction. It is an analysis related to the bitcoin and cryptocurrency market, so please take a good look at it.
Let's start the research! ๐
Bitcoin price reaches a new all-time high of $75,358, causing cryptocurrency investors to cheer following the expected election of Donald Trump. Trump has promised to make the U.S. the "world's leading Bitcoin nation."
Bitcoin, the world's largest cryptocurrency, surged more than 7% on Tuesday as Trump's election odds increased, surpassing the previous high of $73,803.25 from March. Trump's victories in key battleground states like North Carolina and Georgia have paved his way to the White House. However, the election results in several key battleground states are still undecided.
Trump has positioned himself as a pro-cryptocurrency candidate, vowing to end the industry's "persecution," and has garnered financial support from major Silicon Valley cryptocurrency investors, notably from the venture capital firm Andreessen Horowitz and Gemini co-founders Tyler and Cameron Winklevoss.
Kris Marszalek, CEO of Crypto.com, said, "The future of cryptocurrency has never been brighter." Tyler Winklevoss tweeted, "We are on the verge of a new American Renaissance," adding that the "crypto army has launched an offensive."
Bitcoin's rise has also lifted the prices of other cryptocurrencies. Ethereum has climbed 7% to $2,595, Solana has surged 15% to $186, and the popular meme token Dogecoin, favored by Elon Musk, has spiked 22%.
Coinbase CEO Brian Armstrong noted, "Tonight, cryptocurrency voters have spoken decisively," adding, "Americans have an outsized interest in cryptocurrency and desire clear rules for digital assets."
Digital asset investors and executives are hopeful Trump will fulfill his promise to remove SEC Chairman Gary Gensler, who has filed lawsuits against cryptocurrency companies, if he is elected. Bitwise Chief Investment Officer Matt Hougan commented, "The cryptocurrency industry is gaining confidence minute by minute that it will face a neutral or even positive regulatory environment."
Jake Ostrovskis, a market maker at Wintermute, stated, "A Republican presidential victory increases the chances of cryptocurrency-related legislation passing through Congress."
This week, Bitcoinโs rise has also been fueled by inflows into U.S. exchange-traded funds (ETFs) that invest directly in cryptocurrencies. Leading the market, BlackRockโs fund attracted over $2.4bn last week alone, bringing its total assets to above $29bn.
While Bitcoin traded above $70,000 in early June, it briefly dropped below $50,000 in August after President Joe Biden decided not to run for re-election and endorsed Kamala Harris. However, it has shown strength over the past two months, alongside the share price rebound of Trump's social media group, Trump Media & Technology.
Ahead of the election, Trump promoted a new cryptocurrency venture called World Liberty Financial, from which he is expected to earn significant fees. This decentralized finance platform claims it will leverage the global reach and recognition of the Trump brand and has raised $14.7mn through the sale of non-tradable tokens without offering ownership.
Some industry officials have expressed concerns that this project might undermine efforts to restore credibility to the crypto industry, which has faced years of notable collapses and fraud.
You were waiting for that topic! Honestly, it was a neat analysis, right? ๐
Yes, I will.
