Bitcoin Price Hits New ATH In Same Day As Kamala Harris Concedes

The Bitcoin price has surged past $76,000 and is still eyeing new highs as US Vice President Kamala concedes defeat to Donald Trump. This price rally to new ATH comes just hours after the flagship crypto surpassed its previous ATH of $73,000, rising to as high as $75,000.

Bitcoin Price Hits New ATH As Kamala Harris Concedes

The Bitcoin price surged past $76,000, marking a new ATH on the same day as the flagship crypto had earlier rallied to $75,000 on the back of Donald Trump’s victory in the US presidential elections. This recent rally past $76,000 came as the Democratic presidential nominee Kamala Harris conceded to Trump.

The market looks to be pricing into this development, considering that it all but guarantees that Trump will become the next US president. Kamala’s concession is mainly significant as she will certify the presidential election results in her capacity as the US Vice President.

Therefore, her conceding indicates that she will gracefully certify the result once the time comes, which is bullish for the Bitcoin price as this will historically usher in the first pro-bitcoin US president.

The flagship crypto will likely keep hitting new highs from here on, as this marks the next leg of the bull run. Per a CoinGape analysis, BTC predictions suggest that the crypto will also likely never return to pre-election levels. Historically, the flagship crypto has also never gone below its price on the US election day following the aftermath of the elections.

A Rise To $100,000 Before Trump’s Inauguration

According to CNBC, multiple analysts predict that the Bitcoin price could reach $100,000 before Donald Trump’s inauguration, especially if he delivers on his pro-crypto campaign pledges. As part of his promise, the US president-elect has pledged to establish a national Bitcoin stockpile and fire the US SEC Chair Gary Gensler on his first day in office.

Trump promised to create this Bitcoin reserve asset with the US government’s $15.83 billion BTC holdings, which it accumulated through seizures. However, there is reason to believe that the Trump administration could even go further and adopt an active approach by purchasing more Bitcoin.

Pro-crypto Republican Senator Cynthia Lummis has put forward a Bitcoin purchase program bill that proposes that the US government buys 200,000 BTC manually over 5 years. Senator Cynthia Lummis has assured the crypto community that the strategic Bitcoin reserve will happen.

Donald Trump’s inauguration is scheduled for January 20, which shows that the Bitcoin price has more than enough time to reach this $100,000 target. It is worth mentioning that the US Federal Reserve will likely announce a 25 basis point (bps) rate cut tomorrow, which will also provide more bullish momentum for the flagship crypto.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.