Bitcoin Hits Record High Over $81,000 Amid Crypto Boom Following Trump’s Election Victory
On Monday, November 11, 2024, Bitcoin hit a record high of over $81,000, as the expectations grew that cryptocurrency markets would bloom in a favorable environment with Donald Trump’s return to the presidency.
The Bitcoin price soars high with investor interest rising with expectations of major gains under a crypto-friendly administration. According to Reuters, Bitcoin which is the world’s most recognized cryptocurrency, has doubled from its yearly low of $38,505, reaching a peak of $81,899 before retracing to $81,572. On Sunday, November 10, 2024, Bitcoin also saw a strong rise, jumping 4.7% to $80,092.
Trump’s Vision for the “Crypto Capital of the Planet”
During his campaign, Trump pledged to make the U.S. “the crypto capital of the planet,” a pledge that has attracted both investors and the crypto community. Although, other financial investments of Trump saw fluctuation, but cryptocurrencies remained stable.
Matt Simpson, senior market analyst at City Index, commented, “Bitcoin’s Trump-pump is alive and well… with Republicans on the cusp of taking the House to confirm a red wave in Congress, it seems the crypto crowd are betting on digital-currency deregulation.”
Small Cryptocurrencies Benefit as Bitcoin Price Soar
The bullish sentiment surrounding Bitcoin has also positively impacted smaller coins. Ether, for instance, which was around $3,192 for three months, surpassed $3,200. Bitcoin’s 92% increase in 2024 is supported by a high demand for U.S.-based exchange-traded funds (ETFs) and interest rate cuts by the Federal Reserve.
Trump’s Crypto Regulation Outlook
With Trump coming back to the presidency after winning the elections amid cybersecurity threats, there has been a lot of upheaval in the market with excitement surging high between investors.
Despite investor enthusiasm, Simpson warns that the Trump administration has other priorities, although crypto investors anticipate reduced regulatory scrutiny. Trump has said to replace U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, a move seen as favorable for crypto investors as it means reduced oversight.
Along with that AI, big tech, and Tesla are also expecting big gains as Trump’s return to the presidency could mean the departure of Lina Khan from the FTC as she was posing challenges while regulating tech deals.
Cryptocurrency advocates invested $119 million to support pro-crypto candidates, resulting in congressional victories for allies. Both Democratic and Republican candidates from Michigan, West Virginia, Indiana, Alabama, and North Carolina secured seats, strengthening cryptocurrency’s influence in shaping U.S. policy.
