Bitcoin Sets New Record as Investors Hope for Pro-Crypto Trump Policies

Bitcoin started Election Day at around $70,000 and quickly jumped to $72,000, hitting a peak of $75,000 by 10 p.m. This rise reflects growing investor interest in Bitcoin amid political shifts and hopes for favorable crypto policies under a Trump administration. Many believe Trump’s approach could loosen regulatory pressures, a sentiment that’s fueling confidence in the cryptocurrency space.

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A Second Record Year for Bitcoin

This latest peak marks Bitcoin’s second record high of 2024, following its previous surge in March, which ended a long period of sluggish growth known as the “crypto winter.” Bitcoin’s resurgence is being driven by a mix of factors, from rising mainstream interest in digital assets to Trump’s open support for the industry.

Trump’s Strong Crypto Stance

A Trump win could have major implications for cryptocurrency. Known as a “crypto candidate” by supporters, Trump has made digital assets central to his campaign, even accepting donations in Bitcoin, Ether, and Dogecoin. At a recent crypto event, Trump pledged to remove SEC Chair Gary Gensler, a move many in the crypto world support due to Gensler’s strict regulatory stance. Trump has even suggested creating a national Bitcoin reserve, which has drawn widespread attention from the crypto community.

Ripple Effect Across the Crypto Market

Bitcoin’s rise has lifted other major cryptocurrencies. Ether, the second-largest digital currency, saw a 6% increase, trading at $2,560. Popular coins like Dogecoin and Shiba Inu also surged, with Dogecoin up by over 30% and Shiba Inu gaining 12%.

This wave of gains reflects the crypto market’s optimism surrounding Trump’s policies, which many hope will favor innovation and reduce regulatory hurdles. As the election unfolds, cryptocurrency markets remain closely tuned to the outcomes that could shape the future of digital assets.

Also Read: Bitcoin Could Surge 75% if Republicans Win Congress in 2024, Analysts Predict