Bitcoin hit a high of $75,317 early this morning.In September, analysts at Bernstein predicted that if Trump won, Bitcoin would reach between $80,000 and $90,000 by the end of 2024. Unity's COO told CoinJournal that it would be “disingenuous” to say Trump won.The only reason Bitcoin prices went up was because of the US election.
Bitcoin soared to an all-time high of over $75,000 early this morning as voting results suggested Donald Trump won the White House.
Bitcoin hit a high of $75,317 around 6:25 this morning, according to data from CoinMarketCap. Before the election results started coming in last night, Bitcoin was trading at around $69,000.
However, as the evening progressed into the early morning hours, Bitcoin continued its upward trajectory until reaching a new all-time high.
The last time Bitcoin hit an all-time high was in March, when it hit $73,000.
Mr. Trump received 277 of the electoral votes, while Vice President and presidential candidate Kamala Harris received 224, according to data from the Associated Press.
Will prices continue to rise?
It hit a new all-time high during the US election results, but many are probably wondering whether this upward trend will continue. Bernstein analysts predicted in September that if Trump wins the presidential election, Bitcoin could reach $80,000 to $90,000 by the end of 2024.
Data from the 2012, 2016, and 2020 U.S. elections reveals consistent patterns in the crypto market regarding election outcomes, according to James Tordeano, COO of self-custody wallet Unity. People need to be aware that this is not the case.
“Looking at the 2020 election and seeing prices rise from $13,760 before the election on November 1st to $19,698 after the election on December 1st, what caused the price increase? Some people are quick to claim it’s an election,” Tordeano told CoinJournal.
In reality, there are several factors, including US stimulus payments, increasing interest in buying Bitcoin from companies like MicroStrategy, and people finding Bitcoin to be a safe investment during the coronavirus pandemic. Tordeano added that factors contributed to the price increase.
“Although the election was held during this period, it would be disingenuous to say that it was the direct cause of the rise in prices,” he said.
In the long run, Tordeano said crypto markets will not be driven by elections, but by “broader macroeconomic events, technological advances, changes in market sentiment, and other factors outside of the president-elect's control.” Explained.
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Former US President Donald Trump has a more favorable impression of cryptocurrencies than Harris.
Back in May, Trump promised to free Silk Road founder Ross Ulbricht if he was re-elected. Ulbricht has already served 11 years in prison. In August, President Trump also pledged to make the United States the “cryptocurrency capital of the planet.”
In September, Trump became the first US president to use the Bitcoin network. He accomplished this after sending a Bitcoin transaction at PubKey, a cryptocurrency-themed bar in New York, ahead of a campaign rally on Long Island.
Meanwhile, Harris has remained silent on her stance on cryptocurrencies, even though she said her administration would support a crypto regulatory framework if she became the next US president.
Jesper Johansen, CEO and founder of Ethereum staking market North Stake, told Coin Journal that “President-elect Trump has the power to save cryptocurrencies in the United States, where urgent change is needed.” Ta.
“Number one of the new administration's priorities will be to define staking as an opportunity for U.S. investors,” Johansen continued. “The question remains: Is staking a commodity or a security?”
Johansen said there is $6 billion sitting in unstaked Ethereum exchange-traded funds (ETFs), meaning investors are missing out on economic opportunity. According to Johansen, this may be one reason why Ethereum ETFs are not as popular as Bitcoin ETFs.
“Once these core issues are resolved, changes will be needed within the SEC so that cryptocurrencies are seen as a vehicle for innovation rather than something to be feared,” he added.
Ahead of the election, President Trump announced that he would fire Gary Gensler, chairman of the Securities and Exchange Commission (SEC). However, the SEC is an independent federal agency, so it remains to be seen whether this will happen.
At the time of publication, Bitcoin is trading at around $74,000.
