New All Time High for Bitcoin because of Trump victory – What happens next?

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Last Updated on 6 November 2024 by CryptoTips.eu

The largest digital currency jumped to a new record price of $75,000 last night after it emerged that Donald Trump had already won several of the all-important swing states.

As predicted, crypto fans are clearly happy with an indication that victory could go to Trump. Dogecoin and Solana also rose sharply.

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Trump victory

Analysts had long warned that a Donald Trump victory would lead to a higher price for Bitcoin, which is seen as part of the ‘Trump trade’. Several American defense stocks and Elon Musk’s companies listed on the stock exchange are also likely to rise if Trump is ultimately declared the winner (which is very likely at the time of writing, according to the New York Times).

Within the top 10 on CoinMarketCap, the strong increases of Solana and Dogecoin were also notable.

During his election campaign, Donald Trump’s team had clearly sought the support of young men and crypto fans. He promised, among other things, to fire Gary Gensler, the head of the American stock market watchdog SEC, to release Ross Ulbricht (the founder of Silk Road) from prison and to create a strategic Bitcoin reserve.

Prediction

Analysts believe that if even some of those promises will come true, it could likely boost Bitcoin’s price. A value of $80,000 in the following days does not seem impossible.

Dogecoin will also probably do well because Elon Musk (pretty much Dogecoin’s biggest fan) will take a seat in Donald Trump’s government.

In the stock market, crypto-related stocks like MicroStrategy, Coinbase and several Bitcoin mining companies are likely to post strong gains in the coming days.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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