As investors across the world began to digest the results of the U.S. federal election, bitcoin prices surged once again on Sunday, November 10, surpassing the $80,000 mark for the first time ever.
TradingView reported on Coinbase data that showed the world’s largest cryptocurrency by total market value surged past $81,500 this evening.
According to other Coinbase data, the digital currency was now trading at its highest value ever.
A number of analysts provided their opinions on the most recent price swings, highlighting the significant contribution that recent political events have had to these oscillations.
The effects of the US election
“The outcome of the US elections is a catalyst for Bitcoin and crypto in general as the future President Trump seems to be very open to digital assets,” wrote Marc P. Bernegger, cofounder of AltAlpha Digital, a crypto fund of funds, in an email.
In addition to winning the White House in 2024, prominent media sites like CNBC are projecting that the Republicans will have majorities in both the House and the Senate at the start of the next term.
This would pave the way for a less burdensome regulatory framework that would be simpler for players in the cryptocurrency market to comply with.
“Overall, this positive mindset has excited the entire world!” the influencer said, underscoring the significance of this result.
She stated via email that “the regulatory landscape in America will FINALLY get addressed with a pro-crypto president being elected, and hopefully the regulation by enforcement era that pushed out many Americans to build overseas.”
“Overall, this positive mindset has excited the entire world!” the influencer said, underscoring the significance of this result.
Possible Reserves of Strategic Bitcoin
The potential for certain nation governments to use bitcoin as a strategic reserve is another issue that might prove to be quite positive for the cryptocurrency. The demand for the cryptocurrency may rise significantly if such a scenario came to pass.
Bernegger made the following remarks in response to this specific development:
“There are a number of rumors that nation states are considering using Bitcoin as a reserve currency, which would result in an unprecedented increase in demand for digital assets.”
“It would be revolutionary and the ultimate proof that Bitcoin is a long-term strategic investment and store of value if nation states began purchasing it as a strategic reserve.”
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