Bitcoin Surges 30% since Trump’s Victory, Nearing a New ATH of $90,000

Sentiment Status: Positive

Trump pledged to make the United States the global capital of cryptocurrencies.

Bitcoin, the highest-valued and most well-known cryptocurrency on the market, was up more than 30% on Tuesday morning since the U.S. presidential election that saw Donald Trump’s decisive victory, positioning itself close to reaching a new all-time high at $90,000.

According to market data reviewed by Europa Press, Bitcoin hit a new provisional high this morning at $89,968. However, by midday, the digital asset had scaled back its gains and was trading slightly below $88,000. It’s worth noting that Bitcoin hasn’t stopped hitting new all-time highs over the past week, with the previous peak reaching nearly $74,000 last March. So far in 2024, Bitcoin has more than doubled its value, up 105%.

On a broader level, during his presidential campaign for the White House, Trump pledged to make the United States the global capital of cryptocurrencies, establish a strategic Bitcoin reserve, and appoint regulators in favor of digital assets. With Trump’s return to the presidency confirmed, along with a Republican majority in the Senate and likely control of the House of Representatives, the new administration would have significant power to implement its policies.

In this context, Trump made it clear during his campaign that one of his first moves as president would be to replace the current Securities and Exchange Commission (SEC) chair, Gary Gensler, appointed by Joe Biden in 2021, who has led the SEC’s crackdown on the cryptocurrency industry.

During his campaign, Trump made it clear that one of his first actions as president would be to replace the current Securities and Exchange Commission (SEC) chair, Gary Gensler, appointed by Joe Biden in 2021, who has led the SEC’s crackdown on the cryptocurrency industry.

Another factor boosting the recent surge in Bitcoin was the SEC’s approval earlier this year of spot Bitcoin ETFs. However, Gensler, while allowing the ETFs, did not waver in his stance, warning that he still did not endorse cryptocurrency and urging investors to be cautious about the numerous risks involved.

Other crypto assets are also enjoying the ‘Trump effect.’ Ethereum has seen gains of over 38% in the last week, Solana is up nearly 35%, and Cardano surged by more than 83%. Meanwhile, Dogecoin—the meme asset popularized by Elon Musk, a prominent supporter of Trump’s candidacy—skyrocketed by more than 160% in a single week.

Simon Peters, a crypto analyst at eToro, highlighted in a report that Trump’s campaign promises to advance the U.S. crypto industry may face fewer hurdles and could be easier to implement with control of both legislative chambers.