Bitcoin at $77k 48hrs after US elections

Bitcoin crossed $77,000 on Friday, Nov. 8, setting a new all-time high for the second consecutive day.

Bitcoin (BTC) reached a new all time high of $77,020 roughly 48 hours after Donald Trump won the U.S. presidential election, along with the election of several pro-crypto policymakers to Congress. With a market cap of $1.5 trillion, Bitcoin now ranks as the world’s ninth most valuable asset, surpassing Mark Zuckerberg’s Meta.

BTC’s year-to-date growth has exceeded 118% with this recent surge. Over the past 30 days, Bitcoin has increased by nearly 25% as seasonal trends and halving-year data indicated bullish prospects. During the last two election cycles, Bitcoin has reached new highs and has not returned to pre-election levels.

24-hour BTC price chart – Nov. 8 | Source: crypto.news

Policy plans

For the first time, crypto money played a significant role in funding political action committees, leading experts and opinion leaders to anticipate progressive digital asset regulations from Washington. A BTC bill from Wyoming Senator Cynthia Lummis appears to be a frontrunner in what could become a new crypto policy landscape.

ICYMI: I just announced I will introduce legislation to establish a strategic Bitcoin reserve! #Bitcoin2024 pic.twitter.com/P36AcdmPFF

— Senator Cynthia Lummis (@SenLummis) July 27, 2024

Like President-elect Donald Trump, Sen. Lummis pushed for a strategic national Bitcoin reserve and more. The proposal from Lummis would implement a BTC buying plan, piling on America’s existing 203,000 Bitcoin stockpile.

Lummis suggested acquiring 1,000,000 BTC over five years, which would cost the U.S. an estimated $77 billion if Bitcoin’s price remained constant over that period.

You might also like: What Trump’s US presidential win means for crypto | Opinion

Bitcoin price

BTC ambassadors like Michael Saylor and the larger crypto community predict prices are going higher. Targets of $100,000 by year’s end, and $200,000 by 2025 have mentioned by investors and experts alike.

Investors already splurged $72 billion buying into Bitcoin via Wall Street exchange-traded funds. State like Detroit and Wyoming have announced some form of Bitcoin adoption. Marshalled interests between crypto titans did not disband following victory in the 2024 U.S. elections.

Crypto-focused super PAC Fairshake has raised over $78 million for the 2026 mid-terms. The organization disclosed donations from A16z crypto and Coinbase even before the Associated Press declared voting results.

I think @standwithcrypto did amazing work this election cycle to rate political candidates on crypto issues and apply pressure.

There’s still more work to do.

The largest cohort of U.S. politicians is still ranked undecided. pic.twitter.com/EuARsSAZs3

— RYAN SΞAN ADAMS – rsa.eth 🦄 (@RyanSAdams) November 7, 2024

Read more: Bitcoin ETFs break record with $1.38b inflows led by BlackRock’s IBIT

Source