“On November 6, 2024, Bitcoin reached a new all-time high of $76,243.98, driven by investor optimism following Donald Trump’s U.S. presidential election victory, per the provided article. The cryptocurrency surged 8.5% from $69,492 at 7 p.m. Tuesday to $74,286 by midnight, cresting at $75,395 around 1:20 a.m. Wednesday, with trading volume spiking 145% in 24 hours. Ethereum jumped 9% to around $2,600, and Dogecoin soared 30%, reflecting broad crypto market enthusiasm. Trump’s pro-crypto stance, including pledges to make the U.S. the “crypto capital of the planet,” fueled the rally.
The Announcement: Bitcoin Soars on Trump’s Win
Bitcoin’s price surged as Trump’s election prospects strengthened, per the article. Starting at $69,492 when East Coast polls closed on November 5, 2024, it climbed to $74,286 by midnight as Trump likely secured Georgia and North Carolina, narrowing Kamala Harris’ path, per AP reports. By 1:20 a.m., Bitcoin hit $75,395, peaking at $76,243.98 after Pennsylvania was called for Trump at 2:20 a.m., per Forbes. Trading volume skyrocketed 145%, per the article, with $523.37 million in liquidations, per CoinGlass, signaling intense market activity.
Trump’s campaign promises, including making the U.S. a Bitcoin “superpower” and firing SEC Chair Gary Gensler, resonated with crypto investors, per the article. His July 2024 Nashville Bitcoin Conference speech and the Republican National Committee’s pro-crypto platform, advocating for Bitcoin mining and self-custody rights, bolstered sentiment, per the article. Ethereum rose 9% to $2,600, and Dogecoin, backed by Trump ally Elon Musk, surged 30%, per CoinMarketCap.
Market Impact: Crypto Rally, Volatility Looms
Bitcoin’s 8.5% gain pushed its market cap to $1.5 trillion, with the total crypto market cap, near $2.4 trillion, gaining $100 billion, per CoinMarketCap. Ethereum’s 9% rise reflected its DeFi and NFT strength, while Dogecoin’s 30% jump tied to Musk’s influence, per the article. Spot Bitcoin ETFs saw $1.2 billion in inflows on November 6, per Investing.com, amplifying the rally. Coinbase’s stock climbed 15%, per CoinDesk, as CEO Brian Armstrong celebrated the “crypto voter” on X.
The rally aligned with Trump’s perceived deregulation agenda, contrasting Gensler’s SEC lawsuits against Binance and Coinbase, per prior analyses. However, Adam Blumberg of Interaxis warned of ongoing volatility, per the article, as markets digested Trump’s policies. The crypto fear and greed index hit 75 (greed), per Crypto Briefing, signaling euphoria but potential for pullbacks, as seen in Bitcoin’s later dip to $73,500, per AP.
Why It Mattered: Crypto’s Political Pivot
Trump’s victory was pivotal for several reasons. First, it shifted U.S. crypto policy. Trump’s pledges to replace Gensler and create a Bitcoin reserve, per his Nashville speech, contrasted with Biden’s 2022 regulatory push, per prior reports. Analysts like Blumberg predicted crypto-friendly regulators and legislation, especially with Republican Senate control, per the article, potentially easing SEC and Treasury battles.
Second, it galvanized the crypto industry. Armstrong’s X post highlighted the “crypto voter,” with Polymarket’s accurate Trump win prediction over traditional polls, per Decrypt, underscoring crypto’s cultural influence. The rally followed Bitcoin ETF approvals and the April 2024 halving, which historically boosted prices, per Hashdex’s Samir Kerbage.
Third, it raised global stakes. Trump’s protectionist policies, like tariffs, sparked concerns in Asia, per BBC, but his crypto stance drew institutional interest, per CNBC. Posts on X, like @AP’s note on Bitcoin topping $100,000 after Trump’s SEC pick, reflected ongoing bullishness.
Long-Term Implications: Crypto’s Mainstream Ascent
Bitcoin’s rally continued, hitting $94,000 by November 19, 2024, per Investopedia, and $109,350.72 on Trump’s January 20, 2025, inauguration, before dipping to $103,558.38, per CNBC. By March 2025, it reached $99,381.83, per CoinMarketCap, with Ethereum near $3,000. The market cap hit $3 trillion, driven by $50 billion in ETF inflows, per Investing.com. Trump’s March 6, 2025, Bitcoin reserve order, using seized assets, caused a 6% dip, per X posts, but signaled long-term support.
Global regulations, like the EU’s MiCA and India’s 30% crypto tax, per prior analyses, complemented Trump’s deregulation, enhancing stability. Sustainable mining reached 59% by 2022, per the Bitcoin Mining Council, though Bitcoin’s carbon footprint raised concerns, per UN research. David Sacks’ “Trump boom” prediction, per Forbes, foresaw crypto growth amid stablecoin legislation.
Conclusion: Trump’s Win Propels Bitcoin to New Heights
Bitcoin’s $76,243.98 peak on November 6, 2024, after Trump’s election win, with Ethereum’s 9% and Dogecoin’s 30% surges, reflected optimism over his pro-crypto policies. The 145% volume spike and ETF inflows underscored market fervor, though volatility persisted. Trump’s deregulation promises, backed by Republican control, set the stage for Bitcoin’s climb to $109,350.72 by January 2025, cementing crypto’s mainstream role amid global regulatory advances.
Disclaimer: This is not financial advice. Cryptocurrency investments are highly volatile and speculative. Always conduct your own research and consult with a qualified financial advisor before making investment decisions.”
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