The cryptocurrency has not stopped breaking historical highs in the last week, driven by Donald Trump's victory, while the previous highest figure was reached last March at almost US$ 74,000; at the same time, so far in 2024, bitcoin has more than doubled (+105%) its value.
Bitcoin, the most valuable and best-known cryptocurrency on the market, was up more than 30% on Tuesday morning since the US presidential election that resulted in a resounding victory for Donald Trump and was on the verge of reaching a new all-time high of $90,000.
According to market data consulted by Europa Press , Bitcoin has this morning reached a new provisional high of $89,968, although at midday the digital asset moderated its gains and was trading slightly below $88,000.
It is worth noting that Bitcoin has not stopped breaking all-time highs in the last week, while the previous highest figure was reached last March at almost $74,000; at the same time, so far in 2024, Bitcoin has more than doubled (+105%) its value.
On a broader level, during the election campaign in the race for the White House, Trump promised to turn the United States into the world capital of cryptocurrencies, create a strategic reserve of bitcoin and appoint regulators who would be willing to support digital assets.
Once his return to the presidency and the Republican majority in the Senate are confirmed, as well as the probable control of the House of Representatives, the new Administration would have broad powers to implement its policies.
In this sense, Trump did not hide during his campaign that among his first decisions as president would be to replace the current president of the Securities and Exchange Commission (SEC), Gary Gensler, appointed by Joe Biden in 2021 and who has led the SEC's offensive against the cryptocurrency industry.
In this sense, Trump did not hide during his campaign that among his first decisions as president would be to replace the current president of the Securities and Exchange Commission (SEC), Gary Gensler, appointed by Joe Biden in 2021 and who has led the SEC's offensive against the cryptocurrency industry.
In this regard, although another factor that has boosted the rise of the crypto-asset was the authorization at the beginning of the year of the launch of ETFs or bitcoin exchange-traded funds by the SEC, the president of the regulator did not hesitate to warn that he still did not support the cryptocurrency, reiterating the need for investors to be cautious in the face of the countless associated risks.
Other cryptoassets are also benefiting from the 'Trump effect'. Ethereum has accumulated a rise of more than 38% in the last week, while Solana's price has gained almost 35% and Cardano's has risen by more than 83%. Likewise, Dogecoin, the 'meme' asset popularized by Elon Musk, one of the main businessmen linked to Donald Trump's candidacy, has shot up more than 160% in a week.
eToro crypto analyst Simon Peters noted in a report that Trump's campaign-proposed initiatives to boost the crypto industry in the United States could face fewer obstacles and be easier to implement thanks to his control of both chambers of Congress.
