Bitcoin reaches a new all-time high of $89,900 as crypto markets celebrate Donald Trump's victory
Simon Peters, eToro analyst
Bitcoin has reached a new all-time high of $89,900, driven by Donald Trump's victory in the U.S. presidential elections, the Republican majority in the Senate, and their lead in the House of Representatives, where they are also about to achieve a majority.
With the presidency and Congress potentially secured in a 'clean sweep,' the initiatives proposed by Trump during his campaign to boost the crypto industry in the U.S. may face fewer obstacles and be easier to implement.
In addition to the rally in crypto assets after the elections, stocks related to the crypto sector, such as mining companies and proxies like MicroStrategy, positioned themselves as the best-performing assets in the stock markets following the election results.
Alongside the presidential election, the Federal Reserve in its latest meeting cut the target federal funds rate by 25 basis points, to a range of 4.50%-4.75%, providing further momentum to crypto asset prices.
With Bitcoin at all-time highs, we are now in a price discovery phase, and predicting the peak of this current rally is an unknown.
