The Bitcoin price has achieved a new all-time high on the same day that US vice president Kamala Harris conceded defeat to Donald Trump.
As US Vice President Kamala concedes defeat to Donald Trump, the Bitcoin price has surged beyond $76,000 and is still on the verge of reaching new highs. This price surge to a new all-time high (ATH) occurs mere hours after the flagship cryptocurrency surpassed its previous ATH of $73,000, reaching as high as $75,000.
As Kamala Harris concedes, Bitcoin Price reaches a new ATH
The Bitcoin price surpassed $76,000 on the same day, signifying a new all-time high. Previously, the flagship crypto had rallied to $75,000 in response to Donald Trump‘s victory in the US presidential elections. The Democratic presidential nominee Kamala Harris conceded to Trump, which resulted in the recent rally surpassing $76,000.
This development appears to be priced into the market, as it virtually guarantees that Trump will be elected as the next president of the United States. The primary significance of Kamala’s concession is that she will certify the presidential election results in her capacity as the US Vice President.
Consequently, her concession suggests that she will formally certify the outcome when the time comes, which is a positive development for the Bitcoin price. This will mark the first time in history that a US president has been pro-bitcoin.
It is probable that the premier cryptocurrency will continue to achieve new highs in the future, as this represents the subsequent phase of the bull market. According to a CoinGape analysis, it is also probable that BTC will never regain its pre-election levels.
The premier crypto has never fallen below its price on the day of the US election in the past, following the aftermath of the elections.
Increase to $100,000 prior to Trump’s inauguration
CNBC reports that numerous analysts anticipate that the Bitcoin price could surpass $100,000 prior to Donald Trump’s inauguration, particularly if he fulfills his pro-crypto campaign promises.
On his first day in office, the US president-elect has committed to the establishment of a national Bitcoin stockpile and the dismissal of the US SEC Chair, Gary Gensler, as part of his promises.
Trump pledged to establish this Bitcoin reserve asset by utilizing the $15.83 billion in BTC that the US government had amassed through seizures. Nevertheless, there is reason to believe that the Trump administration could take it a step further and adopt an active approach by purchasing additional Bitcoin.
A Bitcoin purchase program measure has been introduced by Republican Senator Cynthia Lummis, who is pro-crypto. The bill suggests that the United States government purchase 200,000 BTC manually over a five-year period. The crypto community has been reassured by Senator Cynthia Lummis that the strategic Bitcoin reserve will be implemented.
The Bitcoin price has ample time to achieve the $100,000 target, as Donald Trump’s inauguration is scheduled for January 20. Tomorrow, the US Federal Reserve is expected to announce a 25 basis point (bps) rate reduction, which will likely provide additional bullish momentum for the flagship cryptocurrency. It is important to note this.
