We are witnessing historic days for cryptocurrency investors, reminiscent of the days leading to the all-time high (ATH) in 2021. In previous cycles, Bitcoin 
$78,084 has experienced rapid surges, reaching record prices. Today’s situation mirrors that trend, particularly with Trump’s significant decision.
Trump Makes His Decision
Donald Trump eagerly anticipates his return to office, yet the definitive results of the U.S. elections remain unclear. If the Republicans gain two more seats in the Senate, they will secure a majority in the House of Representatives. Currently, with 216 seats, Republicans need just two more, while Democrats require eleven.
It is likely that the same party will achieve a majority in both the Senate and the House, which would bode well for cryptocurrency regulations. If Republicans dominate, the regulatory framework for cryptocurrencies will be established and approved more swiftly, ultimately reaching Trump for his signature.
In prior attempts, while there was support in the House of Representatives, proposed laws often stalled in the Senate, knowing they would not receive Biden’s approval. However, clarity now reigns, and pathways for regulations are open.
Bitcoin Reaches $93,000
These initial details are crucial for understanding the ongoing upward trend in Bitcoin. Bitcoin is rising because it needs to, having overcome significant fear, uncertainty, and doubt (FUD) and even the historical concerns related to MTGOX. Now, investors who trust historical cycles are enjoying watching Bitcoin’s price soar from $15,500 to $93,265.
This rise may pause at some point, potentially forming a double top like in 2021. However, once Trump takes office and starts implementing clear steps regarding cryptocurrencies, and with the potential dismissal of SEC Chairman Gensler, Bitcoin may once again find itself with no choice but to rise, just as it has now.
