Bitcoin hits new all-time high
Bitcoin passes US$74,000 for the first time ever - are things about to take off?
Roughly 7 months after it first stormed past the US$70,000 mark, Bitcoin has once again reached a new all-time high, hitting US$74,000 as the US and the wider world await the result of the US election.
In what has been a largely positive year for Bitcoin - the launch of spot Bitcoin ETFs in the US in January broke market records - the price has lagged expectations.
As we've mentioned previously, now is the time in the Bitcoin halving cycle where the price of Bitcoin generally accelerates.
This time around, Bitcoin has fallen behind the price movement mapped out by the infamous stock-to-flow model,1 which has been fairly accurate in predicting Bitcoin's volatile price action over time.
But with a new all-time high now locked in, is the next crypto bull run about to start?
Today's US presidential election could be the touch paper that sets it alight, given the outsized impact US policy has on the global crypto industry.
Despite previously being a vocal critic of crypto, Republican presidential nominee Donald Trump has embraced a much more pro-crypto stance in the lead up to the 2024 US presidential election.
Trump has promised to make America "the crypto capital of the planet", and a Trump victory would be seen as a positive for the crypto industry.2
In contrast, Democrat nominee Kamala Harris has been the vice president in a Biden administration that has widely be seen as antagonistic towards crypto.
But Harris herself has pledged to support crypto on the campaign trail.3
Whoever wins the election, crypto regulation is likely to feature on the political agenda, with growing bipartisan support for bills designed to bring more clarity to crypto investing.4
If clear regulatory progress is made, it may mean the start of a golden age for crypto adoption in the US and elsewhere.
And another crypto bull run.
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Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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