Bitcoin rose nearly 8% after hitting a new high near $75,400

Madrid, November 6 (EFE). – Bitcoin, the most used and well-known cryptocurrency on the market, rose nearly 8% after stock exchanges closed in Europe after recording a new all-time high of close to $75,400 this morning. and as soon as the victory of Republican candidate Donald Trump in the United States elections is confirmed.

Thus, at 17:30 GMT, the price of Bitcoin was up $5,409.22 from the previous day’s close, equivalent to 7.82%, to $74,572.

This morning at 0623 GMT, and with Trump distancing himself in the count from Democratic candidate Kamala Harris, Bitcoin registered an intraday record of $75,371.66, representing a bounce of 8.98% from the close Tuesday at $69,162.78.

Thus, the cryptocurrency has surpassed the last all-time highs it reached on March 14, when it reached $73,798.

For its part, Ethereum gained 10.06% during this time, which is $243.05 more than yesterday’s close, to $2658.48. This cryptocurrency reached its latest all-time high on November 14, 2021 at $4866.4.

Analyst Javier Cabrera explains that Trump’s support for Bitcoin in the US presidential election campaign was positive for the cryptocurrency, and that his victory “could provide a boost.”

In turn, digital assets analyst at the private bank Julius Baer Manuel Villegas commented that Bitcoin’s growth is due to the high probability of victory for the Republican presidential candidate and the party’s control over the legislature.

Villegas believes that with a future Republican administration, there should be “faster and more visible” changes in the regulation of crypto assets, which will affect such aspects as self-custody, the role of the Securities and Exchange Commission (SEC) acronym in English. ) the IRS’s position on anti-money laundering and anti-bank secrecy laws regarding cryptocurrencies.

According to IG analyst Sergio Avila, the fact that Bitcoin has hit new all-time highs is because Trump is perceived “as a possible driver of cryptocurrency adoption, a position that is attracting investors interested in these digital assets.”

Bitpanda co-founder and CEO Eric Demuth noted that Bitcoin’s achievements “are a clear sign of the changes the financial ecosystem is experiencing” and that they are based on “continuous progress in the adoption, integration and regulation of digital assets along with the growing influx of institutional capital from traditional financial markets.” .

He added that “the outcome of the US election will significantly impact the future of the crypto sector” because, regardless of who is elected, Demuth is “expected to have a more robust regulatory framework for the industry, which represents progress.” positive,” which could be strengthened by a Republican administration that would take “a more open and liberal approach to regulation compared to a Democratic administration.”