This week Bitcoin (BTC) reached a new all-time high of over $93,000, as the coin keeps rallying in the aftermath of Donald Trump’s election victory.
Market data shows that this week’s Bitcoin high — and all-time high — was reported on Nov. 13 is over $93,400, with a market cap of $1.84 trillion. At the time of writing, Bitcoin is trading at about $89,600, 4% lower than the high but still 1.3% higher than 24 hours ago and 17.42% higher than seven days ago.
The market forces
Many attribute the ongoing bull run in the Bitcoin — and broader crypto — market to the victory of Republican candidate Trump in the United States presidential elections. He is now expected to place pro-cryptocurrency officials in the Securities and Exchange Commission (SEC), as well as lead the nation in the adoption of crypto-friendly regulations.
Trump will be the first United States president personally involved with the cryptocurrency industry. Last month Trump announced the sale of his World Liberty FInancial (WLF) token, which aims to become a decentralized finance (DeFi) platform. The project already announced the intention to to create an instance of DeFi protocol Aave (AAVE) on Solana’s older brother Ethereum (ETH).
Trump had explicitly described himself as the “crypto candidate” and promised favorable regulation and even proposed the creation of a U.S. Bitcoin reserve if elected. This partly explains the Bitcoin bull run that caused Bitcoin to skyrocket to new all-time highs and trade at over $76,000 at the time of writing following his election.
The sentiment around crypto policy in the United States is apparently already changing. Republican state attorney generals and the DeFi Education Fund recently sued the SEC and its five commissioners. The suit asks for a federal judge to block the regulator from further enforcement actions, claiming that “the SEC’s ‘crypto policy’ is ‘unlawful executive action’” that violated the Administrative Procedures Act.
