Market analysis reports and sentiment indices from financial and crypto analysis firms

Bitcoin Soars 10% to Record $76,480 as Trump Pledges U.S. Strategic Bitcoin Reserve

Nov 7, 2024, 05:39 PM

Bitcoin surged to a new all-time high of $76,480 following Donald Trump's victory in the 2024 U.S. Presidential Election, marking a 10% overnight increase. The cryptocurrency's price skyrocketed as traders reacted to the election results, anticipating favorable shifts in crypto regulation. Previously a crypto skeptic, President-elect Trump pledged at the Bitcoin 2024 event to make the United States the world's Bitcoin and crypto capital and to establish a strategic Bitcoin reserve. China's Central Television reported these initiatives, fueling further enthusiasm in the crypto market. Crypto enthusiasts speculate that Bitcoin's nation-level adoption is set to accelerate, with some suggesting the price could reach $1 million. The rally reflects heightened optimism among investors about potential favorable regulatory developments under the new administration.