• The price of bitcoin hit an all-time high this weekend, rallying after Donald Trump’s victory in the 2024 presidential election
• Trump has promised a friendlier regulatory environment for cryptocurrencies and is considering creating a strategic US reserve of bitcoin
• Other crypto assets like Coinbase, Robinhood, and Dogecoin also saw significant price increases following Trump’s win
The price of bitcoin has reached a new all-time high following Donald Trump‘s reelection as US President. Investors are responding positively to Trump’s promises of a friendlier regulatory environment for cryptocurrencies.
Background on Bitcoin’s Recent Price Trends
Major indexes showed bitcoin’s price surpassing $84,000 on Monday. This is up significantly from $68,000 last Tuesday, which was Election Day.
Year-to-date, bitcoin has gained over 90%, though most gains were earlier in the year. From March to November, the price remained between $50,000 and $70,000.
Factors Contributing to Bitcoin’s Rise
Trump’s victory is seen as a positive for bitcoin and crypto prices. He has promised to ease restrictions imposed by the SEC against crypto firms and products.
Trump has also expressed interest in a US strategic bitcoin reserve and has crypto-friendly advisers like Elon Musk.
Some investors believe Trump’s policies could lead to higher inflation. Cryptocurrencies are seen as an inflation hedge by some investors.
Other Crypto Assets Also Gaining
Shares of Coinbase and Robinhood have rallied on the back of bitcoin’s rise. Additionally, Dogecoin, a speculative crypto asset, has soared over 160% in the past month.
Conclusion
Bitcoin’s new high follows Trump’s reelection and investor optimism around crypto-friendly policies. Other crypto assets have also seen significant gains. However, bitcoin’s long-term price trajectory remains uncertain.
