Bitcoin Hits $77K 48 Hours After U.S. Elections

On Friday, November 8, Bitcoin surpassed $77,000, reaching a new all-time high for the second day in a row

About 48 hours after Donald Trump won the U.S. presidential election and a number of pro-crypto lawmakers were elected to Congress, Bitcoin hit a new all-time high of $77,020. Bitcoin has surpassed Mark Zuckerberg’s Meta to become the ninth most valuable asset in the world, with a market capitalization of $1.5 trillion.

With this recent spike, Bitcoin’s gain has now surpassed 118% for the year. Bitcoin has risen by almost 25% in the last 30 days as strong possibilities were signaled by halving-year data and seasonal trends. Bitcoin has not yet recovered to its pre-election levels after hitting new highs during the last two election cycles.

Plans for policies

Political action committees were funded in large part by cryptocurrency for the first time, which prompted experts and opinion leaders to expect Washington to enact progressive laws governing digital assets. Senator Cynthia Lummis of Wyoming’s Bitcoin bill seems to be a leading candidate for a new crypto policy environment.

Sen. Lummis advocated for a strategic national Bitcoin reserve and other measures, much like President-elect Donald Trump did. The Lummis proposal would add to America’s current 203,000 Bitcoin holdings by implementing a BTC purchasing strategy.

Lummis proposed buying one million bitcoins over a five-year period, which, if the price of the cryptocurrency stayed the same, would cost the US an estimated $77 billion.

The price of bitcoin

Price increases are anticipated by the broader crypto community and Bitcoin evangelists like Michael Saylor. Both experts and investors have mentioned goals of $100,000 by the end of the year and $200,000 by 2025.

Investors have already spent $72 billion on Bitcoin through exchange-traded funds on Wall Street. States like Wyoming and Detroit have declared their intention to adopt Bitcoin. After winning the 2024 U.S. elections, the crypto titans’ allied interests remained intact.

Fairshake, a cryptocurrency-focused super PAC, has raised more than $78 million for the 2026 midterm elections. Before the results of the vote were announced by the Associated Press, the group revealed donations from Coinbase and A16z crypto.