Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
Trump considers tax hike on Americans making $2.5...
GOP senators: Congress should vote on Trump’s potential...
White House highlights over $2B in savings from...
GOP talk on millionaire tax hike ‘makes no...
Trump’s first vice president urges his old boss...
Department of Justice opens criminal investigation into NY...
Trump claims ‘I don’t know her’ and ‘listened...
Rubio just got an additional job in Trump’s...
OpenAI’s Sam Altman thanks Sen John Fetterman for...
Former Supreme Court Justice David Souter dead at...
  • Business
  • Investing
  • Politics
  • Stock

Sightful Invest

Investing

US$90,000 in Sight as Bitcoin Soars to Fresh All-time High

by admin November 13, 2024
November 13, 2024
US$90,000 in Sight as Bitcoin Soars to Fresh All-time High

The price of Bitcoin rallied to nearly US$90,000 on November 12, topping out at US$89,645.

The popular cryptocurrency has been rising on the heels of last week’s US presidential election, which saw Donald Trump and the Republican Party declare victory after securing all seven swing states and regaining a Senate majority.

Bitcoin surged as ballots were counted, blowing past its previous all-time high of US$73,000 as Trump took an early lead.

The election was called for Trump at around 5:36 a.m. EST on November 6. Bitcoin was valued at US$73,806 when the news hit, reflecting a nearly 7 percent increase in 24 hours. It went on to break the US$75,000 barrier that same day, and has held steady above that level, unlike in September and October, when volatile price swings kept investors guessing.

Bitcoin performance, November 11 to 12, 2024.

Chart via CoinGecko.

Continuing higher, Bitcoin passed US$80,000 on November 10 and then hit US$85,000 midday on November 11. From there it pushed further — as mentioned, it ultimately peaked near US$90,000 November 12.

Bitcoin saw a sharp 8.36 percent increase on November 11 as Republicans gained ground in the battle for control of the House. At 7:35 p.m. EST that day, Decision DeskHQ announced that the party had secured 219 seats.

A Republican-controlled White House is expected to lead to looser financial regulations, and the appointment of crypto-friendly policymakers like Young Kim (R-C) could result in crypto-related legislation passing early in 2025.

Two prime examples are the Financial Innovation and Technology for the 21st Century Act, otherwise known as FIT21, and the Bitcoin Act of 2024. FIT21 would define digital assets under one of two categories — either restricted digital assets or digital commodities — and would assign jurisdiction to either the US Securities and Exchange Commission, which would oversee the trade of restricted digital assets, or the Commodity Futures Trading Commission, which would handle digital commodities trading. The act has already passed through both chambers of Congress, but has been met with opposition from the Biden administration, which has prevented it from being signed into law.

FIT21 has been stalled since September 9, and while it could pass before the end of the term in Congress’ final session this week, Representative William Barr told CoinDesk in October that leaving it for the next Congress session would give lawmakers an opportunity to revisit the bill and possibly make revisions.

The Bitcoin Act would see a strategic Bitcoin reserve established by the federal government, a move Trump has said he would support if elected. The bill was introduced by Senator Cynthia Lummis (R-WY) in July, and was read twice before being referred to the Senate Committee on Banking, Housing and Urban Affairs.

Bitcoin’s recent surge, fueled by political developments, underscores the growing influence of regulatory decisions on the cryptocurrency market. While its future trajectory is uncertain, Bitcoin’s momentum suggests investors are hopeful that a shift toward a more favorable environment for Bitcoin and other cryptocurrencies in the US under a Republican administration will lead to continued adoption and crypto and innovation in the industry.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

previous post
Cardiol Therapeutics Inc. Added to PRISM Emerging Biotech Index
next post
Mustang Energy Corp. Enters Option Agreement to Acquire Skyharbour’s 914W Uranium Project and Welcomes Jordan Trimble as Strategic Advisor

You may also like

Metals Australia

December 24, 2024

Restart of Mount Boppy Gold Mine – Execution...

August 14, 2024

Grid Announces Appointment of New Director and Re-Engages...

August 9, 2024

Top 5 Most-popular Uranium Stories of 2024

December 28, 2024

Exploration Agreement with English River First Nation Signed...

August 24, 2024

Bonanza Grade Gold Results at Flicka Lake

November 6, 2024

Sale of JWD Iron Ore Mining Rights

August 27, 2024

Chile Day Paris

September 6, 2024

NextSource Materials Closes Private Placement for Gross Proceeds...

October 12, 2024

Augustus Acquires 1,345km2 Gold Exploration Project Near Leonora

November 5, 2024

Recent Posts

  • Trump considers tax hike on Americans making $2.5 million or more per year
  • GOP senators: Congress should vote on Trump’s potential Iran nuclear deal
  • White House highlights over $2B in savings from DEI cuts during Trump administration’s first 100 days
  • GOP talk on millionaire tax hike ‘makes no sense,’ Trump White House alum says
  • Trump’s first vice president urges his old boss against raising taxes on wealthy Americans

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (712)
    • Investing (2,058)
    • Politics (2,553)
    • Stock (4)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sightfulinvest.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 Sightful Invest. All Rights Reserved.