Bitcoin has hit an all-time high of $75,800, as the outcome of the US election gave crypto enthusiasts hope for legal clarity and government-backed promotion.
Against the background of the presidential election in the US held on Nov. 6, Bitcoin (BTC) surged about 10% in a day, surpassing the $75K threshold. At the point of writing, BTC is traded at $76,190 and keeps growing.
Crypto investment instruments, e.g. Bitcoin ETFs, have witnessed a surge in deposit inflows as well. For instance, BlackRock’s iShares Bitcoin Trust (IBIT) saw nearly $1.1 billion in trading volume in the first 20 minutes after the market opened.
The boost is fueled by Donald Trump’s victory in the election of the 47th president of the United States. During his presidential campaign, Trump has made a range of promises to the crypto community. Those include a pledge to fire Securities and Exchange Commission (SEC) Chair Gary Gensler, who is famous for targeting major crypto exchanges, custodians and crypto assets for allegedly being securities, promoting Bitcoin mining in the US, creating a strategic Bitcoin reserve, preventing a central bank digital currency (CBDC) from being created, and more.
Bitcoin and cryptocurrencies are not the only assets to experience growth. US shares and bond yields also hit record highs on the Wall Street exchanges, while the US dollar saw its biggest gain in eight years.
At the same time, some economists urge investors to be cautious with their enthusiasm. Experts warned that Trump’s proposals to significantly increase trade tariffs may affect free and open global trade.
Climate specialists are also worried about the new president’s plans to cut spending on green energy and boost US production of fossil fuels.
