As expected, the crypto market reacts to the words of Donald Trump, who declared himself the winner of the election this Wednesday morning. Immediately afterwards, BTC climbed to a new record and remains 2% from its new peak.
Bitcoin (BTC) reaches new all-time highs (ATH) this Wednesday by surpassing its previous peak of $73,750 established in March of this year. Although it is now down a few thousand dollars and is trading at $73,559.51, in the early morning the cryptocurrency reached $75,358.70 and set a new record and is approaching the long-awaited milestone of $100,000. , while donald trump seems to retain the presidency in the US.
Bitcoin reached its all-time high (ATH) most recent in mid-March 2024, exceeding US$73,000. This spike was driven by widespread optimism in the market, fueled by the approval of spot Bitcoin ETFs and increased institutional interest. However, this momentum quickly faded due to regulatory concerns, global economic instability, and increased market volatility.
Before this ATHBitcoin had set all-time records in 2021, starting the year below $30,000 and surpassing $69,000 in November. Its first major milestone occurred in 2013, when it exceeded $1,000.
Bitcoin: what the market expects
Bitcoin’s recent rally is attributed to several factors, including an increase in institutional investment, positive sentiment among investors, and the expectation of a Trump victory in the US elections. Analysts believe that a Trump victory could reduce regulation on cryptocurrencies, further boosting the market.
This new ATH is expected to have a positive effect on the entire cryptocurrency market, as historically, when Bitcoin rises, other cryptocurrencies usually follow suit.
Additionally, Bitcoin is positioning itself as a reserve asset, offering protection against inflation and global economic instability.
Source: Ambito
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