Bitcoin reaches all-time-high amid anticipated Trump win
Date
11/6/2024 7:03:02 AM
(MENAFN) Bitcoin surged to a new all-time high on Tuesday, breaking its previous record, as early election results indicate that former President Donald trump is likely to return to the White House. The cryptocurrency's value jumped by over 9%, surpassing its previous peak of $73,778 and briefly hitting nearly $75,000 before stabilizing around $74,200 to $74,300 on the Binance crypto trading platform. The price spike also fueled gains in other cryptocurrencies, particularly Ethereum, which followed Bitcoin's upward trajectory.
The timing of the surge coincided with the growing expectation that Trump could clinch a victory over his Democratic rival, Vice President Kamala Harris. Throughout his campaign, Trump has positioned himself as a strong ally of the cryptocurrency community, frequently vowing to protect and support crypto investors. In fact, he made history by becoming the first-ever U.S. president or former president to make a purchase using Bitcoin, when he used the cryptocurrency to buy cheeseburgers and beer for his supporters at a New York City bar.
Trump has long criticized the U.S. Securities and Exchange Commission (SEC) for its treatment of cryptocurrency enthusiasts, arguing that they had been unfairly targeted under the Biden administration. As part of his 2024 campaign promises, Trump vowed to take a more favorable stance toward crypto, claiming that he would regulate the industry “fairly” if re-elected. This rhetoric appears to have reassured investors, with many speculating that a second Trump term could lead to a loosening of regulations that have become more stringent in recent years.
In contrast, a potential victory for Kamala Harris is expected to have a different impact on the crypto market. Experts suggest that under Harris's leadership, the regulatory landscape for cryptocurrencies could remain stringent, potentially leading to a dip in Bitcoin and other crypto values. As the race tightens, the outlook for the cryptocurrency market remains closely tied to the electoral outcome, with Bitcoin’s all-time high serving as a sign of growing optimism among investors who favor a more crypto-friendly administration.
MENAFN06112024000045015687ID1108856557
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.