Bitcoin has been aiming for a new all-time high for some time, and just a few hours ago it achieved it by reaching $75,358.70. After doing so, however, the value has dropped significantly and at the time of writing this news it is around $73,000.
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Everything was relatively calm . Last March, Bitcoin reached its all-time high of $73,800. Since then, its value had remained at lower levels, hovering around $60,000, but the voting process in the US presidential election has provoked a unique reaction.
Trump is on the verge of victory . The voting process in the last few hours points to a victory for Donald Trump. This has been seen
as a good sign by the crypto industry, and the values of cryptocurrencies have been rising as Trump’s chances of victory increased. Democrat Kamala Harris does not have that perception of being so favorable to cryptocurrencies,
CoinDesk points out .
Cryptocurrencies have seen significant gains . The surge has not only affected Bitcoin: virtually the entire crypto market has seen significant gains of between 5 and 10%, with some cryptocurrencies such as Dogecoin rising by as much as 20%. This is a unique figure for this memecoin, which has already been characterised in the past by extreme volatility following messages of support from Elon Musk .
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And there’s a change in the Senate . As CoinDesk also points out , Trump’s potential victory has been put on the back burner because there’s been an even more decisive factor in the change in trend in cryptocurrencies. Republicans have gained control of the Senate, which favors the implementation of digital asset legislation. In addition, Senator Sherrod Brown, who was an obstacle to such legislation, will leave his post as a consequence of these election results.
What now ? The US presidential election seemed to be a turning point for the cryptocurrency market, which had remained “relatively” — with lots of quotation marks — stable in recent months. Everything could now change in both directions, and we may now really start to see the effects of both the past bitcoin halving and the approval of bitcoin and Ethereum- based ETF funds .
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