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.
