Bitcoin reached unprecedented levels, with prices climbing beyond $75,000 as traders showed increasing confidence in Donald Trump’s potential 2024 election win. Following his actual win, the price dropped slightly and is currently at c. $74,500 (+8.34 1d). Trump’s pro-crypto stance appears to be galvanizing investor optimism, further driving up demand and market speculation.

With a Trump win, many expect a “Trump trade” effect in crypto markets. His recent advocacy for Bitcoin, including pledges to establish a national reserve and remove regulatory obstacles, aligns him with industry goals. Trump’s policy promises include firing SEC chair Gary Gensler, a known crypto skeptic, and his family’s involvement with DeFi project World Liberty Financial hints at an administration committed to favorable crypto legislation.

Prediction site Polymarket also reflects a potential Republican sweep in Congress, which could pave the way for broad, supportive crypto regulations. With Trump in office and a Republican-led Congress, the outlook for U.S. crypto regulation could shift dramatically, reducing current industry uncertainties.

The question now remains, will Bitcoin hit the illusive 6-figure mark in 2024 or will that have to wait a while longer?

DISCLAIMER: Cryptocurrencies are high-risk investments—be prepared to lose all invested funds. This blog post provides information only and doesn't offer financial advice. Unity doesn't make investment recommendations. Always remember: your capital is at risk when investing in cryptocurrencies.