[NEWS] Bitcoin hits new record high; trading accelerates under Trump's lead

Bitcoin (BTC) temporarily rose to $75,000 (approximately JPY 11.55 million) on the 6th, breaking the all-time high recorded in March of this year. In the US presidential election, Republican candidate Donald Trump, former president, took the lead over Democratic presidential candidate Kamala Harris, vice president, accelerating buying.

At the time of writing, US media outlets such as FOX News reported Trump's victory. Trump also declared victory in Florida, saying it was a "historic victory."

Although there is some variation depending on the media, Trump is generally approaching 270 electoral votes, which is a majority. With victory in Pennsylvania and Georgia, among the battleground states that will determine the outcome, Trump's advantage has been solidified.

In addition, in the federal congressional elections being held at the same time as the US presidential election, it is certain that the Republican Party will hold a majority in the Senate for the first time in four years. Although the race in the House of Representatives is close, if the Republicans gain a majority, it will become a "triple red" situation, meaning they will have monopoly on the presidency and majorities in both houses of Congress, increasing the likelihood of stable congressional management.

The reason behind the price rise of cryptocurrencies such as Bitcoin under Trump's leadership is the expectation of the establishment of unclear regulations in the United States.

Trump has shown positive policies and attitudes toward the industry, such as denying the cryptocurrency regulations under the current administration and expressing his intention to dismiss SEC (Securities and Exchange Commission) Chairman Gary Gensler, who has been a source of criticism, as soon as he takes office as president. In addition, he has taken a positive stance toward supporting mining companies and the government's ownership and purchase of Bitcoin, making it more likely that cryptocurrency-related activities will become more active than ever before.

However, since Trump has previously shown a negative stance toward cryptocurrencies, it is unclear how much effort he will put into cryptocurrency-related policies.

Reference: FOX NEWS
Image: Shutterstock

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