- Bitcoin’s price printed massive gains on Sunday.
- The crypto asset reached a new historic high after Trump’s reelection.
- Trump promised various Bitcoin policies during his campaign.
Bitcoin’s price reached a historic $80,000 mark on Sunday, days after Donald Trump’s historic reelection to the Whitehouse and the Federal Reserve’s interest rate cut by a quarter point.
According to TradingView data, BTC’s price surged over 5% in the last 24 hours to exchange hands at $80,045 on November 10 at 14:58 (UTC+3). Other tokens rallied as the overall crypto market cap surged 2.98% to $2.68 trillion at the time of writing.
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Ether, the second-largest crypto asset by market cap, rose above $3,200 after surging 5.12% in the last day, while Dogecoin (DOGE), XRP, Cardano (ADA), Shiba Inu (SHIB), and Avalanche printed double-digit gains.
Trump’s Election Victory Propels Bitcoin to New Highs
While Bitcoin’s price had retraced back to around $79,770 at the time of writing, the crypto asset has maintained nearly all of its weekly gains and is up 15.65% since the announcement of Trump’s decisive victory on November 6.
According to keen observers, crypto enthusiasts are generally thrilled with Trump’s return to the White House. Trump has recently been a vocal supporter of Bitcoin and the overall blockchain industry.
During his campaign, when he appeared at the Bitcoin 2024 conference in Nashville, Trump vowed to make America “the crypto capital of the world” and support a policy to create a strategic Bitcoin reserve in the U.S. Treasury.
Trump also promised to fire the Securities and Exchange Commission (SEC) chair Gary Gensler to steer the regulator toward a crypto-friendly stance following its long-standing legal battles with digital asset companies like Coinbase, Ripple, and Binance.
In addition to supporting the crypto industry, Trump backed the launch of World Liberty Financial, a decentralized finance (DeFi) project with Donald Junior, Eric, and Barron listed as its “Web3 ambassadors.” The project recently offered a token sale to U.S. accredited investors and has sold 1.07 billion tokens from its projected 20 billion sale so far.
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