Bitcoin at $77k 48hrs after US elections

Bitcoin hit an all-time high for the second day in a row, surpassing $77,000 on Friday, November 8.

Bitcoin (BTC) reached an all-time high of $77,020, roughly 48 hours after Donald Trump won the US presidential election and several pro-crypto policymakers were elected to Congress. With a market capitalization of $1.5 trillion, Bitcoin is among the world’s ninth most valuable assets, surpassing Mark Zuckerberg’s Meta.

BTC’s year-to-date growth has exceeded 118% with this latest increase. Over the past 30 days, Bitcoin is up nearly 25% as seasonal trends and halving data point to bullish expectations. Over the last two election cycles, Bitcoin reached new highs and did not return to pre-election levels.

24-hour BTC price chart – November 8 | Source: crypto.news Policy plans

For the first time, cryptocurrency has played a major role in funding political action committees, leading experts and opinion leaders to anticipate progressive digital asset regulations coming from Washington. Wyoming Senator Cynthia Lummis’ BTC bill appears to be a forerunner of what could become a new crypto policy landscape.

Like President-elect Donald Trump, Senator Lummis has pushed for a strategic national Bitcoin reserve and more. Lummis’ proposal would implement a BTC purchase plan that would replenish America’s current stock of 203,000 Bitcoins.

Lummis proposed purchasing 1,000,000 BTC over five years; This would cost the United States an estimated $77 billion if Bitcoin’s price remained stable throughout this period.

Bitcoin price

BTC ambassadors like Michael Saylor and the larger crypto community predict prices will rise. Investors and experts have talked about targets of $100,000 by the end of the year and $200,000 by 2025.

Investors have already spent $72 billion buying Bitcoin through Wall Street exchange-traded funds. States like Detroit and Wyoming have announced some form of Bitcoin adoption. Common interests between crypto giants have not dissipated following the victory in the 2024 US elections.

Crypto-focused super PAC Fairshake has raised over $78 million for the 2026 midterms. The organization announced donations from A16z crypto and Coinbase even before The Associated Press announced the voting results.

According to me @standwithcrypto has done great work this election cycle to rank and pressure political candidates on crypto issues.

There’s still more work to be done.

The largest group of US politicians remains undecided. pic.twitter.com/EuARsSAZs3

— RYAN SΞAN ADAMS – rsa.eth 🦄 (@RyanSAdams) November 7, 2024