CryptoBitcoinBitcoin Hits Record High as Market Bets on Trump Victory

Bitcoin Hits Record High as Market Bets on Trump Victory

Bitcoin surged to a new all-time high during Asian trading hours, with the world’s largest cryptocurrency climbing 7% to $75,060, surpassing its previous peak in March. Investors are increasingly leaning towards a victory for former President Donald Trump in the U.S. presidential election, viewing his potential return to the White House as favorable for cryptocurrency regulation.

As of the latest projections from Edison Research, Trump secured 15 states, while Democrat Kamala Harris won seven states and Washington, D.C. Although the election outcome remained too early to call, financial markets in Asia began reacting to the prospect of a Trump win, pricing in the possibility of a softer regulatory stance on digital assets.

Matthew Dibb, chief investment officer at cryptocurrency asset manager Astronaut Capital, explained that markets expect a shift in attitude at the U.S. Securities and Exchange Commission (SEC) under a Trump administration, potentially removing regulatory hurdles that have impeded innovation and speculation in the crypto space.

“A Democrat win would have felt like a short-term setback for the market,” Dibb said, noting that while the impact might not be as severe in the long run, investors are placing significant weight on the outcome.

Ether, the second-largest cryptocurrency, also saw a significant rise, jumping 7.5% to $2,593, though it remains well below its 2021 high of $4,867. The rally reflects growing optimism in the crypto market, particularly if Trump’s pro-crypto policies gain traction.

Related Topics:

Share This Post

Andrew
Andrew
Self-taught investor with over 5 years of financial trading experience Author of numerous articles for hedge funds with over $5 billion in cumulative AUM and Worked with several global financial institutions. After finding success using his financial acumen to build an investment portfolio, Andrew began writing and editing articles about the cryptocurrency space for sites such as chaincryptocoins.com, ensuring readers were kept up to date on hot topics such as Bitcoin and The latest news on digital currencies and Ethereum.

Related Posts

Why the US Government Holds Bitcoin

In recent years, Bitcoin (BTC) has evolved from a...

Joe Lubin Unveils Sovs.xyz Platform for On-Chain Personal Sovereignty

Joe Lubin, co-founder of Ethereum and CEO of ConsenSys,...

Bitcoin ETFs Suffer $400M in Outflows as BlackRock’s IBIT Continues to Thrive

Bitcoin exchange-traded funds (ETFs) in the United States saw...

Cardano Drops 10% in Single-Day Loss, Marking Largest Decline Since July

Cardano experienced a significant downturn on Thursday, with its...

XRP Sees Major Surge, Up 10% on the Day as Market Cap Reaches $43.88B

XRP surged by 10.25%, marking its largest one-day percentage...

Bitcoin Pulls Back from Record Highs as Market Sentiment Shifts

Bitcoin experienced a sharp decline on Friday, retreating from...