This week in crypto, Bitcoin made headlines yet again as it finally hit a new all-time high, reaching $115,000 AUD, marking a significant milestone for the leading cryptocurrency by market capitalisation. While the global crypto community celebrated, the timing couldn’t have been more eventful with the U.S. presidential election delivering a win for pro-crypto candidate Donald Trump. His victory, along with other pro-crypto candidates securing seats, has ignited conversations about potential regulatory changes in the U.S. that could benefit the industry.

The impact of Trump’s win rippled across financial markets, with a strong performance from memecoins and DeFi tokens as investors anticipated a friendlier regulatory environment. Market sentiment was further boosted by record-breaking inflows into Bitcoin and Ethereum ETFs, particularly on U.S. election day, which saw Galaxy Digital clock its biggest trading day of the year. Ethereum ETF inflows also reached a six-week high, reflecting strong institutional interest amid expectations of eased regulations. Speculation is now mounting that a Trump presidency could accelerate the approval of staked Ether ETFs, adding another layer of interest for institutional investors.

The influence of Bitcoin’s four-year cycle is also being closely watched, with many speculating that the market could see continued bullish momentum, aligning with previous post-halving cycles. Technical indicators suggest strong support for Bitcoin’s current price range, and on-chain data shows low selling pressure, hinting at a possible rally continuation.

Amidst these developments, X (formerly Twitter) users were buzzing with joyous sentiment and bullish outlooks for the future. Notably, Cobie, a well-known figure in the crypto industry and co-host of the Up Only podcast, changed his profile picture back to his original avatar. As a respected crypto OG, Cobie’s move sparked excitement across the community, with many interpreting it as a renewed signal of confidence in the market.

Adding to the celebratory atmosphere, Cameron Winklevoss, co-founder of Gemini, shared a bold message directed at SEC Chair Gary Gensler, tweeting, “gm @GaryGensler — you’re fired!” These posts contributed to an optimistic mood on X, where the community is eagerly anticipating what lies ahead for crypto under a potentially more favourable regulatory landscape.

With the U.S. election results and Bitcoin’s record-breaking high, it’s clear that the landscape of crypto is shifting, potentially toward a new phase of growth and acceptance. The idea of the U.S. creating a Bitcoin reserve has gained attention, raising speculation that such a move could set a precedent and encourage other nations to follow suit. This step could mark a turning point where global financial systems begin integrating Bitcoin as part of their national reserves, potentially reshaping the way countries approach economic stability and currency diversification.

As Bitcoin reaches this new peak and the world watches how pro-crypto policies could unfold in the U.S., the road ahead seems poised for further milestones. The community’s renewed confidence is palpable, and the sentiment across social media signals that many believe this is just the beginning of a potentially transformative era in the crypto market.

More news stories circulating the block: 

• Nvidia overtakes Apple as the world’s most valuable company

• OpenSea hints at a revamped platform launch

• Binance, CZ seek dismissal of SEC’s amended complaint

• France considers banning betting platform Polymarket

• Hamster Kombat loses 86% of users as PAWS Mini App surges

• Marathon and Riot record highest BTC production since April

• Detroit to accept crypto for taxes and city services by 2025