The price of Bitcoin rallied to nearly US$90,000 on November 12, topping out at US$89,645.
The popular cryptocurrency has been rising on the heels of last week’s US presidential election, which saw Donald Trump and the Republican Party declare victory after securing all seven swing states and regaining a Senate majority.
The election was called for Trump at around 5:36 a.m. EST on November 6. Bitcoin was valued at US$73,806 when the news hit, reflecting a nearly 7 percent increase in 24 hours. It went on to break the US$75,000 barrier that same day, and has held steady above that level, unlike in September and October, when volatile price swings kept investors guessing.
Continuing higher, Bitcoin passed US$80,000 on November 10 and then hit US$85,000 midday on November 11. From there it pushed further — as mentioned, it ultimately peaked near US$90,000 November 12.
A Republican-controlled White House is expected to lead to looser financial regulations, and the appointment of crypto-friendly policymakers like Young Kim (R-C) could result in crypto-related legislation passing early in 2025.
The Bitcoin Act would see a strategic Bitcoin reserve established by the federal government, a move Trump has said he would support if elected. The bill was introduced by Senator Cynthia Lummis (R-WY) in July, and was read twice before being referred to the Senate Committee on Banking, Housing and Urban Affairs.
Bitcoin’s recent surge, fueled by political developments, underscores the growing influence of regulatory decisions on the cryptocurrency market. While its future trajectory is uncertain, Bitcoin’s momentum suggests investors are hopeful that a shift toward a more favorable environment for Bitcoin and other cryptocurrencies in the US under a Republican administration will lead to continued adoption and crypto and innovation in the industry.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Leave a Reply