In a dramatic turn for the cryptocurrency market, Bitcoin surged to a record-breaking high of over $75,000 late Tuesday night, celebrating a new peak as investors rallied around the anticipated election victory of former President Donald Trump. Known for his pro-crypto stance, Trump had previously dubbed himself the “crypto candidate,” a title that resonated across digital asset communities well before the final election outcome was confirmed.
The initial spike, a 10% gain within 24 hours, was fueled by rising confidence as Trump’s victory prospects emerged late Tuesday. Crypto traders seemed to embrace the momentum as Bitcoin soared, briefly reaching $75,000 before settling around $74,428 by Wednesday morning. For those who have closely followed Trump’s evolving relationship with cryptocurrency, the rally wasn’t entirely unexpected. Trump’s campaign actively engaged the crypto crowd, accepting donations in major cryptocurrencies like Bitcoin, Ether, and Dogecoin—a first for any presidential candidate.
Trump’s Crypto Connection: A Game-Changer for Bitcoin?
This rally marks the second time in 2024 that Bitcoin has broken new records, shaking off the prolonged “crypto winter” that stifled gains for years. The boost reflects not only Trump’s campaign rhetoric but also his campaign’s promises to deregulate the crypto sector. His pledge to dismiss SEC Chair Gary Gensler, known for his stringent stance on digital assets, added fuel to the optimism, as did Trump’s ambitious proposal to establish a U.S. national Bitcoin reserve. At a Bitcoin conference earlier this year, Trump’s promises drew enthusiastic applause, underscoring the potential market impact of his regulatory policies.
The Ripple Effect: Altcoins and Memecoins on the Rise
Bitcoin’s spike triggered gains across the broader crypto market. Ether, the second-largest cryptocurrency, climbed to $2,560—a rise of over 6% within 24 hours. Meanwhile, memecoins such as Dogecoin and Shiba Inu experienced substantial jumps, with Dogecoin rallying by over 30% and Shiba Inu up by 12%.
While Bitcoin’s trajectory remains speculative, its recent highs reinforce its status as a powerful hedge against market and political uncertainty. As the dust settles post-election, both enthusiasts and skeptics will be watching closely to see if Trump’s policies can truly transform the digital currency landscape in the U.S.
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Disclaimer:
This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are highly volatile; please consult a financial advisor before making investment decisions.
