US$90,000 in Sight as Bitcoin Soars to Fresh All-time High

Continuing higher, Bitcoin passed US$80,000 on November 10 and then hit US$85,000 midday on November 11. From there it pushed further — as mentioned, it ultimately peaked near US$90,000 November 12.

Bitcoin saw a sharp 8.36 percent increase on November 11 as Republicans gained ground in the battle for control of the House. At 7:35 p.m. EST that day, Decision DeskHQ announced that the party had secured 219 seats.

A Republican-controlled White House is expected to lead to looser financial regulations, and the appointment of crypto-friendly policymakers like Young Kim (R-C) could result in crypto-related legislation passing early in 2025.

Two prime examples are the Financial Innovation and Technology for the 21st Century Act, otherwise known as FIT21, and the Bitcoin Act of 2024. FIT21 would define digital assets under one of two categories — either restricted digital assets or digital commodities — and would assign jurisdiction to either the US Securities and Exchange Commission, which would oversee the trade of restricted digital assets, or the Commodity Futures Trading Commission, which would handle digital commodities trading. The act has already passed through both chambers of Congress, but has been met with opposition from the Biden administration, which has prevented it from being signed into law.

FIT21 has been stalled since September 9, and while it could pass before the end of the term in Congress’ final session this week, Representative William Barr told CoinDesk in October that leaving it for the next Congress session would give lawmakers an opportunity to revisit the bill and possibly make revisions.

The Bitcoin Act would see a strategic Bitcoin reserve established by the federal government, a move Trump has said he would support if elected. The bill was introduced by Senator Cynthia Lummis (R-WY) in July, and was read twice before being referred to the Senate Committee on Banking, Housing and Urban Affairs.

Bitcoin's recent surge, fueled by political developments, underscores the growing influence of regulatory decisions on the cryptocurrency market. While its future trajectory is uncertain, Bitcoin’s momentum suggests investors are hopeful that a shift toward a more favorable environment for Bitcoin and other cryptocurrencies in the US under a Republican administration will lead to continued adoption and crypto and innovation in the industry.