Bitcoin’s move above $75,000 on November 6, 2024, was a genuine record—but it showed how investors were responding to an election, not that the election alone caused the rally or guaranteed a lasting change for crypto. The price later climbed much higher, then reversed sharply. The more useful question is what changed in policy and market access, and what remains uncertain.
What happened when bitcoin crossed $75,000?
On November 6, 2024, bitcoin rose nearly 8% in early trading and crossed $75,000, surpassing its previous record from March. The Associated Press reported that bitcoin was up 77% for the year at that point. Those are observations from that date, not current prices or measures of what followed.
The move came as investors bet that Donald Trump’s election would benefit crypto. The AP report described Trump’s public embrace of the sector, crypto donations to his campaign, and his pledge to create a strategic bitcoin reserve. These details help explain the optimism investors expressed at the time; they do not establish that the election was the only cause of the price rise or that campaign commitments became law.
Why did investors expect a rally—and what does the evidence show?
In March 2025, TIAA said bitcoin gained 34% from election day through the end of 2024. TIAA attributed part of the run-up to expectations of less regulatory friction and broader adoption. That is an institutional interpretation of the market move, not proof of a single cause.
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Market prices reflect many investors’ decisions, and a rise after a political event does not by itself show which factors drove it. The contemporaneous reporting and TIAA’s later commentary document optimism and a period of gains; neither establishes that future policy would match expectations or that crypto adoption had permanently changed.
Did $75,000 become bitcoin’s lasting high?
No. The $75,000 milestone was later surpassed. The Associated Press reported a bitcoin record of $126,210.50 on October 6, 2025, citing Coinbase. In its February 5, 2026 coverage, the AP reported bitcoin at about $66,301 at 2 p.m. ET, after a sharp sell-off. The same report said the price had fallen below its level before Trump’s second term. These dated observations show that the post-election period was not a one-way climb; they should not be read as a current quote.
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The AP described the 2026 decline in the context of selling in speculative assets and regulatory concerns. That reporting offers context, not a definitive breakdown of how much each factor caused the decline.
What has—and has not—changed in crypto policy?
Election promises and investor expectations are not the same as enacted rules. A later policy development is the SEC and CFTC final rule and interpretation titled “Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets,” which took effect on March 23, 2026. It is evidence that regulatory guidance continues to evolve. Its stated scope is certain crypto assets and transactions; it does not establish that every token, transaction, regulator, or jurisdiction is covered, or that crypto regulation is settled.
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The SEC has also drawn a distinction between permitting an investment product to trade and endorsing bitcoin itself. In a January 10, 2024 statement, then-SEC Chair Gary Gensler said: “While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin. Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto.”
How do the main ways to get bitcoin exposure differ?
Direct ownership, spot bitcoin exchange-traded products (ETPs), and futures-based ETPs provide different kinds of exposure. None removes bitcoin’s price volatility, and a product’s structure affects what an investor owns and how closely its value may follow bitcoin’s spot price.
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| Exposure | What it involves | Key trade-off |
|---|---|---|
| Direct bitcoin ownership | You own bitcoin directly. Depending on how you hold it, you may need to use a wallet and manage public and private cryptographic keys. | You take on custody and operational responsibilities as well as price risk. |
| Spot bitcoin ETP | The product holds bitcoin and seeks to provide exchange-traded exposure to it. | Its share price may differ from bitcoin’s spot price. Investor.gov notes that these products are not registered as investment companies under the Investment Company Act of 1940, even when commonly called ETFs. |
| Futures bitcoin ETP | The product holds bitcoin futures contracts rather than bitcoin itself. | Its performance can differ from spot bitcoin. The Bank for International Settlements explains that rolling futures contracts can create costs when the futures curve slopes upward. |
Before choosing an exposure route, check its custody arrangements, structure, fees and disclosures, and how it has tracked the underlying exposure. Consider whether you can tolerate substantial losses. The SEC describes bitcoin and spot bitcoin ETPs as speculative and volatile; an exchange-traded structure does not make the underlying exposure safe.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Does the record point to a new future for crypto?
It points to a period when election-related expectations helped shape investor sentiment, followed by further gains, a sharp reversal, and continued changes in regulatory guidance. Those developments matter, but they are not proof of a permanently different market or a reliable forecast for bitcoin or other crypto assets.
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Crypto exposure remains speculative. Susannah Streeter, head of money and markets at Hargreaves Lansdown, told the AP in November 2024: “Investors should only dabble in crypto with money that they can be prepared to lose.” That is a useful risk boundary, not a prediction about where prices will go.
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