The price of bitcoin surged once again on Sunday, November 10, surpassing the $80,000 mark for the first time ever as investors around the world continued to soak up the outcome of the U.S. federal election.
According to data supplied by TradingView from Coinbase, the market value of the world’s largest cryptocurrency rose past $81,500 on Sunday evening.
According to more data from Coinbase, the digital asset was trading at its all-time high at this moment. In the analysis of the most recent price fluctuations, various experts have pointed to the significant impact that political events have had on the market.
How the US Election Results are Shaping Global Markets?
It has been increasing since Republican presidential candidate Donald Trump won last Tuesday’s election on the promise of fewer rules on digital currencies.
Wednesday saw Bitcoin hit $75,000, surpassing its previous all-time high of $73,797.98 set in March.
People saw Trump as the more crypto-friendly choice in his race against Kamala Harris of the Democratic Party. Trump called cryptocurrencies a scam when he was first elected president, but he has changed his mind a lot since then and even started his own platform for the unit.
He has promised to turn America into the global leader in bitcoin and cryptocurrencies, and he has appointed Elon Musk, a tech magnate and right-wing conspiracy theorist, to head an extensive investigation into government waste.
Investment in high-growth assets like cryptocurrencies was boosted by the corporate tax cuts that occurred during the previous Trump administration, which increased market liquidity.
Trump, his sons, and other entrepreneurs announced in September that they will be launching a digital currency platform called World Liberty Financial.
However, its sales launch earlier this month was a flop, and only a small percentage of the tokens that were available for purchase actually sold.
Since their inception, cryptocurrencies have been in the news due to a number of factors, including their extreme volatility and the demise of numerous industry heavyweights, most notably the FTX exchange platform.
Before the election, Trump bought burgers at a New York City restaurant with Bitcoin, which the restaurant called a “historic transaction.” He is thought to be the first president to use Bitcoin to pay for something.
Bitcoin price is updated daily, even on Sundays, with the current value at $80,000.
