Bitcoin Price : After Republican candidate Donald Trump's victory over Democratic rival Kamala Harris in the US presidential election, there was a tsunami of gains in the global markets. Its effect was seen on cryptocurrencies. Bitcoin reached a record high. After Trump won for a second term, the largest digital currency Bitcoin rose 10% to $ 76,106, increasing the chances of it remaining in the red mark. This increase was the highest since the previous peak in March. When investors were delighted by the inflow into the US Bitcoin exchange-traded fund.

The prospect of favorable U.S. crypto regulations drove gains in the digital asset market. Second-ranked token ether gained nearly 12%. Dogecoin, a meme-crowd favorite promoted by Trump supporter Elon Musk, gained as much as 31% at one point. Digital asset companies have frequently complained that officials under President Joe Biden failed to create a clear new legal framework for the new market.

Bitcoin is seen by many as a so-called Trump trade as he adopted the digital asset during his campaign after a major push by the industry. Crypto gained a foothold at the higher levels of politics by using a massive campaign financial war chest to push his agenda.

Trump vowed to make the US the crypto capital of the earth, create a strategic bitcoin reserve, and appoint regulators who favor digital assets. Harris took a more measured approach, pledging to support a regulatory framework for the industry. In contrast, under the Biden administration, the Securities and Exchange Commission took action through enforcement actions.

According to Moneycontrol, Matthew Hougan, Chief Investment Officer of Bitwise Asset Management Industry, said that the crypto industry feels like it has been working with one hand tied behind its back for years and he thinks it may be over. People are starting to invest in crypto for the next few years.

In Ohio, Republican car dealer and blockchain entrepreneur Bernie Moreno defeated Senate Banking Chairman Sherrod Brown. The crypto giants spent nearly $40 million to defeat Brown, a longtime skeptic of the industry, underscoring the impact of their political spending.

The first test of his credibility is whether he will fulfill his promise to fire Gensler on his first day in office, said Le Shi, Hong Kong-based managing director of market-making firm Oros. Bitcoin is now up more than 80% in 2024, outpacing assets such as stocks and gold. U.S. spot-bitcoin ETFs from issuers such as BlackRock Inc. and Fidelity Investments have attracted net inflows of $23.5 billion since their launch at the beginning of the year, making it one of the most successful new ETFs in history.