Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the recent surge in Bitcoin following Donald Trump's victory in the United States Presidential election.
Bitcoin on Fire
It has been a blockbuster week for Bitcoin. Over the past seven days we have seen Donald Trump win the election, and now Bitcoin has broken its previous high of $89,900. At the time of writing Bitcoin sits at $91,945.15, however earlier on Wednesday it managed to reach an all-time high (ATH) of $93,477.11 according to CoinGecko.
The victory in the election has renewed investor confidence and although the price has started to settle once again, it shows the massive impact the election win has had on crypto. Many investors are anticipating more favourable cryptocurrency regulations under a potential Trump administration and this has seen a dramatic surge in price.
Bitcoin has now managed a stagger 122% rise since the start of the year and the unprecedented price movement has been attributed to the “Trump trade.” His presidency is expected to produce a more accommodating regulatory environment for cryptocurrencies compared to the current administration. His pledge to make the United States the 'crypto capital of the planet' is one of many promises crypto enthusiasts will hope he can follow through on.
The expectation of a new pro-crypto Securities and Exchange Commission (SEC) chair has greatly contributed to the recent Bitcoin price surge given Trumps intentions to replace SEC Chair Gary Gensler. Bitcoin’s market cap currently sits at approximately $1.735 trillion and some market analysts believe it is only a matter of time before Bitcoin reaches a six figure value.
Have a great day.
Peace. CryptoGod-1.
Referral Links and Follow Me:
