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World’s first cryptocurrency Bitcoin (BTC) reached a new all-time high of over $94,000 as it keeps rising after Republican candidate Donald Trump won the United States presidential elections.
Market data shows that Bitcoin is trading at over $94,850 after seeing a 2.6% increase today and a 2% increase over the last seven days before the time of writing. This follows Bitcoin recently seeing its biggest correction ever since Republican candidate Donald Trump won the United States presidential elections — down to $87,000 from its all-time high of 93,200.
Hopes of a pro-crypto Presidency
The next president is expected to place pro-cryptocurrency officials in the Securities and Exchange Commission (SEC), while also leading the nation in adopting crypto-friendly regulations.
In fact, before his election, Trump had gone as far as to promise that he would lead the United States in the creation of its strategic Bitcoin reserve if he won. United States crypto regulatory climate is already changing, with Republican state attorney generals and a crypto advocacy group recently suing the SEC and its commissioners.
The lawsuit asks for putting a halt on the regulator from further enforcement actions, claiming that “the SEC’s ‘crypto policy’ is ‘unlawful executive action’” that violated the Administrative Procedures Act. Furthermore, Trump will be the first U.S. president involved with the crypto industry.
Last month Trump announced the sale of World Liberty Financial (WLF), serving as the utility token to his family’s decentralized finance (DeFi) platform. The initiative aims to create an instance of the Aave (AAVE) DeFi protocol on the Ethereum (ETH) platform.
The recent updraft in crypto prices follows a Trump victory in the U.S. elections and comes as interest in the market is seeing a resurgence. The Crypto Fear & Greed Index — a multifactorial measure of crypto market sentiment — shows a score of 83, indicating that “extreme greed” has gripped the crypto market. The website reads:
“When Investors are getting too greedy, that means the market is due for a correction.”
Despite this suggestion by the Crypto Fear & Greed Index website, the score is far from a guarantee of an incoming sell-off. Still, it suggests that a correction is likely coming — sooner or later.
