Bitcoin Reaches New All-Time High Following US Election

Bitcoin hit a new all-time high yet again, reaching more than $76,000 USD per coin. 

BTC’s latest monumental price hike arrived as Donald Trump took an early lead in the 2024 US presidential election, before ultimately being crowned as the next president of the United States.

According to AJ Bell analyst Russ Mould, bitcoin’s price has recently followed betting markets and Trump’s position in the polls leading up to his victory.

Many crypto proponents and figures in the industry see Trump being elected as good news for the DeFi landsacape — especially in the US.

That’s thanks to Trump’s recent wave of crypto-friendly statements, his proposed plan for the government to stockpile BTC, and the launch of his own crypto project known as World Liberty Financial.

Further adding to positive speculation amongst crypto holders, Trump’s appointment will likely mean that one of crypto’s most controversial figures — SEC chair Gary Gensler — will be replaced by someone with a less stringent stance on crypto regulation. 

In Gensler's absence, there's potential for a newly-elected SEC chair to be more leniant towards crypto businesses and ETFs while introducing a clearer pathway for exchanges and providers to stay compliant.

Notably, this new price peak comes only months after BTC set its previous record.

Following the long-awaited and fought for approval of Bitcoin Spot ETFs, the price of bitcoin reached $68,500 USD per coin in March of this year.