Following the US election on November 5, cryptocurrency prices continue to surge. With Trump’s victory, the price of a single Bitcoin officially surpassed the $80,000 mark on Sunday (10th), marking the first time in history that Bitcoin has crossed the $80,000 threshold.
According to Coinglass market data, on Sunday (November 10), the price of a single Bitcoin rose by more than 5%, slightly exceeding $80,000, breaking the record of $75,000 on the night of the US election.
Prior to this, the price of Bitcoin had experienced significant fluctuations. After reaching a historical high of $67,000 in November 2021, it went through a more than one-year period of decline, dropping below $16,000 in November 2022. That month, Trump officially announced his candidacy for the 2024 US presidential election. Since then, Bitcoin has been on a steady rise.
In March of this year, the price of a single Bitcoin surpassed the $70,000 mark for the first time, setting a new all-time high.
During a cryptocurrency conference held in July, Trump promised to make the United States the “global capital of cryptocurrency and a superpower of Bitcoin (BTC-USD)”.
Trump stated that he would hire regulators who support cryptocurrencies and include Bitcoin in the national strategic reserves.
On November 6, after Trump won the presidential election, the price of a single Bitcoin surpassed $75,000 once again, setting a new all-time high. In addition, other cryptocurrencies such as Ether and Dogecoin, as well as stocks of cryptocurrency companies, have also surged significantly since the election.
With Trump’s victory, the Republican Party controlling the Senate, and maintaining a majority in the House of Representatives, the market generally expects Trump to easily implement favorable cryptocurrency policies, and the new high for Bitcoin is just a matter of time.