Bitcoin Price Hits New $75.5K All-Time High as the Crypto Community Celebrates Trump’s Election Victory

Other cryptocurrencies followed in Bitcoin’s footsteps, with Ether (ETH), the largest altcoin by market capitalization, up 7% on the day to exchange hands at $2,631. BNB Chain’s (BNB), Solana (SOL), and Cardano (ADA) were also up 2.4%, 11.5% and 6%, over the same timeframe.

US stock futures have also surged, and the dollar index has climbed to a four-month high of 105.19. Moreover, investors and traders anticipate Trump’s policies will drive inflation and lift bond yields. Treasury yields have increased by 1.95%, which reflects the bolstered market confidence in economic growth.

Republican Donald Trump has won the 2024 US presidential elections, becoming the 47th president of the United States. Data from Associated Press News called Trump’s victory after he secured 277 electoral votes against Kamala secured 224, with the tally still ongoing at the time of writing. 270 electoral votes are required to be declared a clear winner.

Trump’s margins in battleground states like Pennsylvania, Georgia, and North Carolina allowed him to make a comeback to the White House.

Speaking in West Palm Beach, Florida, Trump pledged to bring a “golden age” to the United States, praising what he called “the greatest political movement of all time.”

While on the campaign trail, Trump was viewed as a more crypto-friendly candidate compared to Democrat Kamala Harris. According to an AFP report, Trump has pledged to make the United States the “Bitcoin and cryptocurrency capital of the world.”

Republican President Donald Trump promised immediate policy changes, pledging to fire the Securities and Exchange Commission Chair Gary Gensler on his first day back in office. Gensler was appointed SEC chair by former President Joe Biden in 2021. During his tenure, he presided over the SEC, which sued various popular crypto exchanges and projects including US-based crypto exchange Coinbase and blockchain company Ripple.

At the Bitcoin 2024 conference in Nashville, Tennessee, on July 27, Trump laid out a plan for crypto policies should he win in November.

Crypto industry leaders have often criticized Gensler as being responsible for the SEC’s ongoing enforcement of regulations against many crypto firms, including Ripple, Coinbase, and Binance.

With Trump emerging as the US presidential race winner, Coinhint analysts are anticipating a more favorable crypto regulatory environment. This is because, during his campaign period, Trump openly endorsed digital currencies and accepted donations in Bitcoin. The crypto market may boom as ‘’the crypto president’’  shapes the future of the crypto sector globally.

According to Moon, a crypto analyst, BTC has historically exploded after US elections, often going parabolic.

“Bitcoin has never dropped below its election-day price post-results,” the crypto analyst said in a Nov. 6 post on X. He has also added that Bitcoin has never dropped below its election-day price after the results.

In the 2012, 2016, and 2020 elections, Bitcoin posted returns of around 87%, 44%, and 145% in the 90 days after election day. This is partly due to election years coinciding with Bitcoin halving years when the cryptocurrency’s supply decreases. Post-election returns have also aligned with significant Federal Reserve policy changes. The market expects additional interest rate cuts later this year which may see the BTC price spike.

At press time, the Bitcoin bulls have entirely taken the reins dispersing the seller congestion in the market. The BTC price trades above key bullish crypto market indicators, including the 50-day and 200-day simple moving averages (SMAs) at  $63,541 and $65,657, respectively, which now act as immediate support levels. These enable the bulls to steady the uptrend.

Moreover, the moving averages have produced a “golden cross” with the 50-day SMA crossing above the 200-day SMA, validating the strength of the uptrend. This signals that the bulls have the upper hand, suggesting a long-term bullish outlook.

On the other hand, the relative strength index has climbed from the 50-mean level a day ago, currently at 67.08. This signals intense buying pressure in the market, quashing the seller’s counterparts.

With the “golden cross” and the support from moving averages staying intact, BTC price could rise further with traders setting the upward target at $90,000 in the next two months.