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Bitcoin surged to a new all-time high of $75,000 late Thursday, reflecting intense bullish sentiment as traders bet that former U.S. President Donald Trump could hold an edge in the upcoming 2024 U.S. election. Crypto markets appear to be reacting to the uncertainty surrounding the election, a factor that has historically injected volatility into traditional markets but now increasingly affects digital assets as well. Investors are finding Bitcoin attractive as a hedge against potential inflationary pressures and political instability.
The latest rally pushed Bitcoin up by roughly 8% over the past 24 hours, fueling a broader upward momentum in other major cryptocurrencies such as Ethereum, which also saw notable gains. Ethereum hit $4,500 during this period, riding the wave of investor enthusiasm around crypto’s fundamental strength. Traders are speculating that a Trump-friendly policy environment could favor less government regulation and higher institutional adoption of cryptocurrencies. This prospect has encouraged investors to allocate more capital into risk-on assets, driving the surge in the crypto space.
The market impact was also felt in publicly traded crypto-adjacent stocks such as $COIN (Coinbase), which saw an intraday rise of roughly 6%, reflecting the increasing volume of trading activity on cryptocurrency exchanges. Wall Street analysts speculate the prolonged uncertainty in election results could further propel Bitcoin’s price. Key drivers behind this theory are the perceived risks of inflation, currency debasement, and concerns about newly imposed financial regulations under other potential political leadership, all pushing large institutional buyers and retail investors toward non-sovereign digital assets.
However, analysts caution that Bitcoin’s wild price swings could increase the risk for traders, especially if political conditions unexpectedly shift. Additionally, regulatory risks remain, with the U.S. Securities and Exchange Commission (SEC) keeping a close eye on crypto markets and exchanges. Such risks could reverse recent gains in the eventual case of stricter regulatory frameworks. At the moment, though, the market is reflecting optimism in both Bitcoin’s position as “digital gold” and Trump’s perceived advantage in the electoral race, pushing prices higher in anticipation of what traders hope will be a favorable outcome.
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