Bitcoin has been aiming for a new all-time high for a while now, and it achieved just that by reaching $75,358.70 a few hours ago. After doing this, yes, its value dropped significantly and was around $73,000 at the time of writing.

Everything was relatively quiet. Last March, Bitcoin reached an all-time high of $73,800. Its value has remained at lower values ​​since then, remaining around $60,000, but the advancement of voting in the United States presidential election has caused a unique reaction.

Trump values ​​victory. The progress of the voting in the last hours points to the victory of Donald Trump. This was seen as a good sign by the crypto industry, with cryptocurrency values ​​rising as Trump’s chances of victory increase. It is stated on CoinDesk that Democrat Kamala Harris does not view cryptocurrencies very positively.

Major crypto rises. The increase did not only affect Bitcoin: almost the entire crypto market saw significant increases of 5% to 10%, and some cryptocurrencies such as Dogecoin were up around 20%. This is a unique figure for this memecoin, which is already characterized by extreme volatility after sowing in the past. Dogecoin: A single tweet caused a 30% increase” data-vars-post-url=”https://www.xataka.com/criptomonedas/when-elon-musk-habla-sube-strike-pan-strike – dogecoin-only-tweet-caused-the-rise-30″>Support messages from Elon Musk.

Cryptocurrency market cap. Although the rise in many cryptocurrencies has been remarkable in recent hours, the values ​​​​have decreased significantly afterwards. Source: CoinMarketCap.

Also changes in the Senate. As they noted on CoinDesk, Trump’s potential victory has remained in the background because there is an even more decisive factor in the trend change in cryptocurrencies. Republicans took control of the Senate, supporting the implementation of digital asset legislation. Additionally, Senator Sherrod Brown, who prevented the passage of this law, will leave office after these election results.

And now what?. The US presidential election was seen as a turning point for the cryptocurrency market, which has remained “relatively” (with many quotes) stable in recent months. Now things can change in one direction or another, and we can now really start to see the effects of both Bitcoin’s past “halving” and the approval of ETF funds based on Bitcoin and Ethereum.

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