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Highlights of the crypto market news today
Brian Armstrong, CEO of the crypto exchange Coinbase, shared his thoughts on the election results on November 5 in the US. Not only was Republican candidate Donald Trump elected as the 47th President, but Republican Senator Bernie Moreno, a crypto supporter, also defeated Democratic Senator Sherrod Brown in Ohio. Previously, Brown had called for tough measures against crypto related to terrorist financing. Armstrong shared on social network X: "Washington DC has received a clear message that an anti-crypto stance is a quick way to end a career, as this does not reflect the will of voters, who are dissatisfied with the current financial system and want change."
However, Senator Elizabeth Warren, a prominent crypto critic from Massachusetts, retained her seat for a third term with nearly 60% of the vote, defeating her Republican challenger John Deaton, a crypto supporter. Armstrong noted that Coinbase and venture capital firm a16z have added additional funding to Fairshake, a crypto-supporting political action committee (PAC), which has now raised $78 million to be used in the 2026 midterm elections. Armstrong emphasized: "Crypto will always be here from a policy standpoint, and we will continue to engage until we see reasonable laws passed that protect consumers and the industry from future attacks."
BingX Bitcoin Chart
BingX Bitcoin Chart 1D, 07/11/2024 | Source: TradingView & BingX
Bitcoin has increased by more than 1,900% during Donald Trump's first term as US President, from November 2016 to November 2020. This happened despite his rather negative attitude towards crypto, as illustrated by his famous 2019 tweet calling Bitcoin "highly volatile" and stating that its value is "based on thin air." However, Trump's second term - announced as the winner on November 6 - seems to promise a more crypto-friendly approach, with his pledge to make the US a "Bitcoin superpower" and implement deregulatory policies to boost the industry.
Trump's victory has helped push Bitcoin to a new all-time high, around $76,400, and many top analysts, such as TYMIO Yield founder Georgii Verbitskii, predict that BTC price will surpass the $100,000 mark in the coming months. A 1,900% increase from the current Bitcoin price would take BTC above $1.5 million per coin, making Bitcoin a $28.5 trillion asset - nearly eight times larger than Nvidia, the world's largest market cap company, and 1.6 times the market cap of gold.
The $1 million per Bitcoin target is ambitious, but has been predicted by many credible analysts in both traditional finance and the crypto space for years. Cathie Wood, CEO of ARK Invest, once forecast that BTC price will exceed $1 million by 2030, and noted that major investment banks like Morgan Stanley, Merrill Lynch, and Bank of America are likely to enter the Bitcoin space. Henry Arslanian, co-founder of Dubai-based Nine Blocks Capital Management, also shared a similar view in a November 6 post on social network X, emphasizing that Trump's victory will drive "stronger institutional participation" in the US crypto industry, from asset managers to family offices.
The current Bitcoin support level is around $74,000, and the resistance level is $78,000.
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