Bitcoin has achieved a major milestone, reaching a new all-time high of $75,300 as Donald Trump inches close to securing victory in the 2024 U.S. presidential election.
The cryptocurrency market has responded with positive enthusiasm to the election.
Bitcoin Touches New All-Time High of $75,000
According to CoinGecko data, Bitcoin was trading at $73,150.92, maintaining a strong 6.2% gain. This surge is after BTC surged from a 24 hour low of $68,603.80 to as high as $75,358.70.
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The broader cryptocurrency market also showed exceptional strength. As per the data, the total market capitalization was up by 8.6% to reach $2.44 trillion.
Dogecoin has emerged as the standout performer among the top ten cryptocurrencies. DOGE recorded an impressive 12% increase following Trump’s victory announcement.
This surge aligns with the overall positive market sentiment and historical patterns of meme coins responding strongly to major market catalysts.
Trump’s Promises to The Crypto Industry
The president-elect has unveiled an ambitious and comprehensive eleven-point plan for cryptocurrency policy. This will be a major change in the U.S. government’s approach to crypto.
Trump’s immediate agenda begins with the removal of SEC Chairman Gary Gensler on day one of his presidency. This will be followed by the establishment of a “National Bitcoin Stockpile.”
The administration aims to position the United States as the global “Bitcoin and cryptocurrency capital.” Central to Trump’s crypto strategy is the commitment to maintain the government’s current holdings of 203,650 BTC.
The plan includes the complete elimination of capital gains tax on Bitcoin transactions and enhanced support for U.S.-based Bitcoin mining operations. Trump has also pledged to end regulatory crackdowns, describing it as terminating the “anti-crypto crusade.”
The creation of a specialized “Bitcoin and crypto presidential advisory council” underscores the administration’s commitment to informed policy-making.
US Crypto Investors Can Enjoy Crypto Self Custody
Individual rights to self-custody crypto will be protected. At the same time, the implementation of Central Bank Digital Currencies (CBDCs) will be actively opposed.
In a notable humanitarian gesture, Trump has announced plans to commute Ross Ulbricht’s double-life sentence. This is an acknowledgement of the Silk Road founder’s role in early Bitcoin adoption.
The crypto market’s strong positive response to Trump’s possible victory and his pro-crypto agenda suggests a positive outlook for crypto in the United States.
The pledge to eliminate capital gains tax on Bitcoin could potentially remove a major barrier to adoption. Also, the opposition to CBDCs aligns with the cryptocurrency community’s emphasis on decentralization and financial freedom.
The market’s reaction, evidenced by Bitcoin’s new all-time high and the broader market surge, indicates strong confidence in Trump’s ability to implement these pro-crypto policies.
As of press time, Trump has earned 267 of the 270 electoral votes needed to earn the presidential seat.
