Bitcoin has risen above $80,000 for the first time in its history.
The leading cryptocurrency saw a remarkable surge, jumping from just over $77,000 to surpass the $80,000 mark.
Heading into the U.S. election day on November 5 2024, Bitcoin had been holding steady near its previous all-time high of $73,737 from March 2024, but climbed past this level as Donald Trump’s election victory became clearer.
Bitcoin Last 7 Days
During his campaign, President-elect, Donald Trump, pledged to make the United States the ‘crypto capital of the planet.’ Among his commitments to the crypto community were plans to establish a national crypto reserve with over $16 billion in bitcoin accumulated from government asset seizures and to reduce interest rates.
Lowering interest rates often aligns with rising crypto prices, as it reduces the cost of borrowing. Two days after the election, the U.S. Federal Reserve approved a second consecutive interest rate cut.
Following the election results and the Federal Reserve’s unanimous decision to lower interest rates again, the crypto market saw a broad surge heading into the weekend. Ether out-performed bitcoin with a 30% increase over the past week, and Solana’s market cap surpassed $100 billion a few days later.
Ether rose above $3,200 for the first time in over three months the following day and was going at $3,192 at the time of writing. Meanwhile, DogeCoin was at a 3-year high.
According to Reuters, the elections have also seen several pro-crypto candidates won seats across the United States as the crypto community gets excited over a pro-crypo regulatory environment.
“In Ohio, one of the crypto industry’s biggest foes in Congress – Senate Banking Committee Chair, Sherrod Brown – was ousted, while pro-crypto candidates from both the Democratic and Republican parties won in Michigan, West Virgina, Indiana, Alabama and North Carolina,” said Reuters.
Trump has also promised to remove SEC Chair, Gary Gensler, who has been unpopular within the crypto industry, with companies like Binance and Coinbase battling the regulator in court over alleged securities violations.
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