Bitcoin reached a new record high of $75,000 on U.S. election day, driven by investors who had previously bet on Donald Trump’s presidential win. This surge pushed the cryptocurrency’s value up by 9.32%, with Bitcoin trading at approximately $74,717 as of 10 AM today.
Throughout most of the year, Bitcoin fluctuated between $56,000 and $70,000, with its previous record high of $73,797.68 set on March 14.
What Does the US Election Outcome Mean for Crypto’s Future?
The outcome of the US presidential election has a direct impact on the cryptocurrency market. Republican candidate Donald Trump has already claimed victory against Democratic competitor Kamala Harris, who was expected to lose the crucial states of North Carolina, Georgia, and Pennsylvania.
Bitcoin prices are expected to fluctuate until a dominant player is identified, according to investors. Curiously, there have been predictions from experts that the cryptocurrency market would take a major hit if Trump loses the election.
Beyond short-term price changes, the US election has far-reaching consequences for the cryptocurrency industry. Crypto taxes, regulation, and mainstream adoption will be influenced by the result. When it comes to cryptocurrency, Trump and Harris couldn’t be more different; nonetheless, Harris has promised to back measures that grow the sector.
Government agencies continue to use multiple tactics to control different areas of the sector, which means the regulatory landscape is constantly changing.
