Bitcoin Reaches a New All-Time High
On Wednesday morning, Bitcoin reached a new all-time high of just over $75,000 on Binance, gaining over 10% within 24 hours.
On Wednesday morning, Bitcoin reached a new all-time high of just over $75,000 on Binance, gaining over 10% in 24 hours.
These profits were supported by the initial results of the US presidential election, which sparked optimism among crypto investors about former President Donald Trump’s chances of returning to office.
The rally marks Bitcoin ‘s second record high this year; it had previously peaked in March, signaling the end of a long “crypto winter” that had depressed prices for years.
Investor excitement over Trump’s potential election victory has increased as he has endorsed cryptocurrencies as part of his campaign.
READ MORE: Crypto market prepares for volatility amid US presidential election and FOMC decisions
Trump also promised to replace the chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, whose strict regulatory stance has often frustrated the crypto community. In addition, Trump proposed the creation of a national reserve for Bitcoin, which caught the attention of crypto supporters.
The rise of Bitcoin has supported the broader cryptocurrency market.
However, BTC has lost some of its gains and is trading at $74,597 at the time of writing, reflecting a 9% rise in the last 24 hours.
Alexander Zdravkov
Reporter at CoinsPress
Alexander Zdravkov interessiert sich leidenschaftlich für Bedeutungsfragen. Er ist seit mehr als drei Jahren im Kryptobereich tätig und hat ein Auge dafür, aufkommende Trends in der Welt der digitalen Währungen aufzuspüren. Ob er nun tiefgreifende Analysen liefert oder tagesaktuell über alle Themen berichtet, sein tiefes Verständnis und seine Begeisterung für das, was er tut, macht ihn zu einer wertvollen Ergänzung für das CoinsPress-Team.
