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Bitcoin's New Peak Post-US Election: Market Impact

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by Giorgi Kostiuk

8 months ago

Bitcoin reached a new all-time high following the US election, causing significant shifts in the crypto market.

Bitcoin's New All-Time High

Following the US election results, Donald Trump won, and Bitcoin surpassed its previous high, reaching a new peak of $79,780. This came after the Federal Reserve's announcement of a 25 basis point rate cut.

Post-Election Market Impact

The crypto market responded to Trump's win with a 5% market cap increase, reaching $2.56 trillion. Coins related to Kamala Harris dropped, while Trump-themed coins saw an upsurge. NFT sales rose to $96.1 million, led by Ethereum and Bitcoin.

SEC Chair Replacement and FTX's Lawsuit

After Trump's victory, discussions arose about replacing SEC Chair Gary Gensler, with Dan Gallagher from Robinhood being considered a candidate. FTX filed a lawsuit against Crypto.com to reclaim $11 million from an Alameda Research-controlled account after its bankruptcy.

The US election sparked significant changes in the crypto market, highlighting its sensitivity to political events.

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