Bitcoin’s meteoric rise continued on Wednesday as it shattered the $100,000 mark for the first time ever, fueled by post-election momentum and growing optimism about favorable regulatory shifts under President-elect Donald Trump’s administration.
The cryptocurrency’s price surged from $69,121 on the eve of Election Day to $74,445 on November 6, immediately following the election.
The rally didn’t stop there. Bitcoin crossed the $80,000 threshold on November 10 and broke through $88,000 the very next day. By November 13, it was trading above $92,800 before experiencing a slight pullback.
This surge has also driven investors toward crypto-related exchange-traded funds (ETFs). Top performers this year include 2X Bitcoin Strategy ETF, Grayscale Bitcoin Trust, Hashdex Bitcoin, and ProShares Bitcoin, all of which have delivered triple-digit returns exceeding 100%, according to VettaFi data.
While Bitcoin had already been gaining traction before the election, Trump’s victory over Vice President Kamala Harris boosted investor confidence, pushing the cryptocurrency to unprecedented highs.
Regulatory Boost for Crypto Under Trump
Trump’s campaign emphasized a more crypto-friendly regulatory approach, pledging support for Bitcoin and other digital assets. He also vowed to make the U.S. the “global crypto capital” and a “Bitcoin superpower” during a summer conference, where he announced plans to form a crypto advisory board.
Recent reports from FOX Business indicate that the incoming administration is exploring ways to expand the authority of the Commodity Futures Trading Commission (CFTC), granting it oversight over a substantial portion of the $3 trillion digital asset market.
A potential candidate for a key role is former CFTC Chairman Chris Giancarlo, who expressed optimism about the agency’s ability to regulate the space:
“With proper funding and the right leadership, I believe the CFTC can hit the ground running to regulate digital commodities from day one of Trump’s presidency,” Giancarlo told FOX Business.
As momentum builds for cloud-native solutions and 5G core networks, Bitcoin’s climb reflects a broader shift in investor sentiment, driven by regulatory clarity and a commitment to fostering innovation in the digital asset space.
