How the US Election Results are Shaping Global Markets?

The price of bitcoin continued to surge on Sunday, November 10, hitting a new all-time high of $80,000 for the first time ever as investors around the world reacted to the outcome of the U.S. federal election.

TradingView data from Coinbase showed the world’s largest cryptocurrency reached a high of $81,500 this evening.

Coinbase data further showed the digital asset was trading at its all-time high at the time of writing. Several experts have pointed to the impact of political events on recent price movements.

How the US Election Results are Shaping Global Markets?

The gains began pouring in after Republican presidential candidate Donald Trump won last Tuesday’s election on a pledge to roll back regulations on digital currencies.

Bitcoin crossed $75,000 on Wednesday, surpassing its previous all-time high of $73,797.98, which was set in March.

Trump was widely seen as the more crypto-friendly candidate in his race against Democrat Kamala Harris. While Trump called cryptocurrencies a scam when he was first elected president, he has since changed his tune dramatically and even launched his own platform for the sector.

He has also promised to make the United States the world leader in bitcoin and cryptocurrencies, and he appointed technology magnate and right-wing conspiracy theorist Elon Musk to lead a sweeping investigation into government waste.

The Trump administration’s corporate tax cuts also boosted investment in high-growth assets such as cryptocurrencies, which benefited from the increased market liquidity.

Trump, his sons, and other businessmen also announced in September that they will be launching a digital currency platform called World Liberty Financial.

However, its sales launch earlier this month was lackluster, with only a small fraction of the available tokens being sold.

Cryptocurrencies have made headlines over the years for several reasons, including their extreme volatility and the failure of several major industry players, most notably the FTX exchange platform.

Prior to the election, Trump purchased burgers at a New York City restaurant using bitcoin in what the eatery called a “historic transaction.” He is believed to be the first sitting U.S. president to use bitcoin for a purchase.

Bitcoin price updates every day of the week, including Sundays