US Election: Donald Trump Wins, Bitcoin Price Flies

Donald Trump won the 2024 US election, defeating his rival Kamala Harris. Trump's victory had a positive impact on the price of Bitcoin cs. (Photo; Doc. Bitcoin Systemi)

JAKARTA - The US election has a close relationship with the crypto market. Coupled with Donald Trump's victory on November 6, 2024. Trump himself is known as a pro-crypto figure during the campaign. This boosted the price of Bitcoin (BTC) which again recorded an all-time high price record (ATH) by breaking the US$75.000 mark, surpassing the previous ATH at the level of 73.750 US dollars (approximately Rp1.144 billion) reached in March 2024.

Not only Bitcoin, but a number of other crypto assets such as Ethereum (ETH), Solana (SOL), Binance Coin (BNB), Ripple (XRP), and Dogecoin (DOGE) have soared significantly. Most of the other crypto assets also skyrocketed based on CoinGecko data today. The highest is Dogecoin which recorded a 15% increase and Bitcoin rose 6% in the last 24 hours at 14:00 WIB.

This surge in prices brought market expectations back to life, especially amid the political issues of the United States, with Donald Trump ahead in a temporary poll against Kamala Harris, ahead of the presidential election. This increase brought Bitcoin closer to the long-awaited psychological target of 100,000 US dollars (around Rp1.55 billion) per coin.

The surge in Bitcoin prices was triggered by several factors. One of them is the increasing interest of institutions to accumulate BTC. Japanese investment firm Metaplanet recently announced a large purchase that saw their total holdings reach 1,018.17 BTC, worth about 68.8 million US dollars (approximately IDR 1.06 trillion).

In addition, the Fear and Greed index shows that investor sentiment is currently in the Extreme Greed zone, signaling high optimism. The sharp increase in Google's search for Bitcoin also shows the growing interest of retail investors who want to engage in this price rally.

Meanwhile, Bitfinex analysts highlighted several additional reasons behind the soaring price of Bitcoin cs, including hopes for Trump's victory in the US presidential election. According to them, Trump's victory will have a positive impact on the crypto market as he is seen as a more pro-economic growth figure, so investors hope that there will be a reduction in regulatory pressure on crypto assets.