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Bitcoin's price soared to an all-time high of nearly $89,000 on Nov. 12, as reported by Coinbase.

This remarkable surge occurred just one week after former President Donald Trump secured a second term in office by winning the 2024 United States election.

The new landmark figure of $88,889.27 leaves Bitcoin just 11% away from reaching the highly anticipated $100,000 mark, which many analysts project could be achieved by the end of this year.

The wave of bullish sentiment among investors was primarily driven by Trump's victory, creating an increased demand for risk-on assets like Bitcoin.

Since the Republican win, Bitcoin has been on an upward trajectory, fueled by optimism surrounding the potential for clearer and more favorable cryptocurrency regulations under Trump's forthcoming presidency.

Many in the crypto space believe that Trump's administration will prioritize blockchain innovation, providing a much-needed boost to the industry.

In addition to Trump's election, the Republican Party has secured majority control of the Senate.

Coinbase CEO Brian Armstrong hailed this development as creating the "most pro-crypto Congress ever."

The GOP is also projected to retain control of the House of Representatives, establishing another Trump trifecta where the executive branch and both chambers of the legislative branch are under Republican control.

This political shift is expected to have significant implications for the cryptocurrency market.

Two Republican-backed crypto bills, which had previously been stalled in Congress, could now have a chance to progress in the coming year.

The Financial Innovation and Technology for the 21st Century Act (FIT21), a regulatory bill, had been stalled in the Democrat-led Senate after being passed by the House in May.

Similarly, the Clarity for Payment Stablecoins Act, a stablecoin framework bill, had also stalled in the House.

As the new Congress and White House prepare to take office in January 2025, the cryptocurrency community is hopeful that these developments will lead to more supportive regulations and a continued rise in Bitcoin's value.

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