Bitcoin prices rallied once again on Sunday, November 10, breaking past the $80,000 level for the first time ever as global investors continued to process the results of the U.S. federal election.
The world’s largest cryptocurrency by total market value climbed above $81,500 this evening(yesterday), according to Coinbase data reported on by TradingView.
At this point, the digital asset was trading at its loftiest value in history, additional Coinbase figures reveal.
Several analysts offered their take on these latest price movements, emphasizing the key role that recent political developments have played in creating these fluctuations.
Impact Of US Election
Marc P. Bernegger, cofounder of crypto fund of funds AltAlpha Digital, weighed in, stating via email that “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.”
Not only have the republicans won the White House in 2024, but when the new term begins, they will have majorities in both the House and Senate, according to projections being released by major media outlets including CNBC.
This could potentially clear the way for a regulatory regime that is less onerous and therefore easier for crypto industry participants to navigate.
The TikTok influencer who goes by Wendy O spoke to this situation, expressing some hopeful views on the situation.
“With a pro crypto president being elected the regulatory landscape in America will FINALLY get addressed and hopefully the regulation by enforcement era that pushed out many Americans to build overseas,” she said via email.
The influencer emphasized just how significant this outcome really is, stating that “Overall, this positive mindset has excited the entire world!”
Potential Strategic Bitcoin Reserves
Another matter that could prove highly bullish for bitcoin is the possibility that certain nation states will leverage the digital currency for a strategic reserve. Should such an outcome materialize, it could result in a sharp increase in demand for the cryptocurrency.
Bernegger commented on this particular development, stating the following:
“There are several rumours about nation states looking into Bitcoin as a reserve currency which would lead to massive additional demand for digital assets in a scale which has never been seen before.”
