A historic wave is sweeping through the cryptocurrency markets as Bitcoin shatters record after record in the aftermath of the U.S. presidential election, reaching approximately $88,700 on November 11, 2024, and fundamentally transforming the infrastructure landscape surrounding digital assets. The rally, driven by expectations of a pro-crypto regulatory environment under President-elect Donald Trump, is reshaping everything from mining operations to institutional custody services.
Bitcoin’s ascent from roughly $70,000 on election night to nearly $89,000 represents the largest daily dollar gain in the cryptocurrency’s history, with a single-day surge of approximately $8,400. The broader crypto market capitalization has ballooned from $2.23 trillion to $2.86 trillion in under a week, signaling a fundamental shift in how both retail and institutional participants are positioning themselves for what many believe will be a new era of crypto adoption.
TL;DR
- Bitcoin reaches approximately $88,700, posting its largest-ever daily dollar gain of around $8,400
- Total crypto market cap surges from $2.23 trillion to $2.86 trillion since election night
- Ethereum climbs to approximately $3,370, with Solana also gaining over 36%
- MARA announces 372MW expansion of self-owned mining operations in Ohio
- Davis Polk report signals potential end to banking restrictions on public blockchain interactions
Bitcoin Becomes a Top-10 Global Financial Asset
The sheer scale of Bitcoin’s post-election rally has elevated it into the ranks of the world’s most valuable financial assets. Bitcoin has surpassed both Meta and Tesla to become the ninth-largest financial asset by market capitalization, with a total value approaching $1.75 trillion according to CoinMarketCap data. This milestone represents more than just a price milestone — it signals Bitcoin’s maturation from a speculative digital asset to a legitimate component of the global financial system.
The rally extends well beyond Bitcoin itself. Ethereum has climbed to approximately $3,370, reflecting growing confidence that a more favorable regulatory environment will benefit the broader ecosystem of decentralized applications and smart contracts built on its network. Solana has posted gains of over 36 percent in the week following the election, while Dogecoin has surged 101 percent, partly fueled by Elon Musk’s prominent role in Trump’s orbit. XRP has also gained 16 percent amid expectations that the SEC’s ongoing legal battles with Ripple could be resolved more favorably under new leadership.
Mining Infrastructure Expands Rapidly
The bullish regulatory outlook is already translating into concrete infrastructure investments. On November 11, Marathon Digital Holdings (MARA), the largest Bitcoin mining company by holdings with 27,562 BTC according to bitcointreasuries.net, announced a major expansion of its self-owned mining operations. The company revealed the acquisition of two sites in Ohio — one in Hannibal and another in Hopedale — totaling 222 megawatts of capacity, along with the development of a new mining operation in Findlay, Ohio, with 150 megawatts.
The combined addition of 372 megawatts represents a significant strategic shift for MARA, which has historically relied heavily on third-party hosting operators. Following this expansion, the company now manages a mix of 63.24 percent third-party hosted sites and 36.76 percent self-owned and operated facilities. This move toward vertical integration reflects growing confidence among mining companies that the regulatory and operational environment in the United States will remain favorable under the incoming administration.
Banking Infrastructure Poised for Transformation
Perhaps the most significant long-term infrastructure implications come from the anticipated policy changes at federal banking agencies. A comprehensive analysis by the law firm Davis Polk, published on November 11, identified seven specific crypto policies that federal banking agencies are likely to revisit, with profound implications for blockchain infrastructure in the United States.
Chief among these is a potential end to the effective ban on banks interacting with public blockchains. Federal regulators have previously declared that issuing or holding crypto assets on public, decentralized networks like Bitcoin, Ethereum, and Solana is “highly likely to be inconsistent with safe and sound banking practices.” This stance has created a de-facto barrier preventing traditional financial institutions from building blockchain-based products and services. If reversed, it could open the floodgates for bank-led blockchain integration at scale.
The Davis Polk report also highlights the potential for greater bank participation in tokenization — the process of representing traditional financial assets on blockchain networks. The Bank for International Settlements has described tokenization as a core technology for the future of finance, combining a core layer containing asset information and ownership with a service layer embedding governance rules. Under more favorable regulatory conditions, bank-led tokenization efforts could accelerate dramatically, potentially creating new infrastructure for everything from bond issuance to real estate settlement.
Institutional Adoption Accelerates
The infrastructure expansion extends to corporate treasury operations as well. On November 11, Nano Labs Ltd announced it has begun accepting Bitcoin payments for its products, citing the growing adoption of cryptocurrency among businesses seeking efficient and secure cross-border transactions. The move reflects a broader trend of companies integrating Bitcoin into their operational infrastructure, not just as a treasury reserve asset but as a functional payment mechanism.
Other Bitcoin-related companies are also benefiting from the infrastructure tailwinds. MicroStrategy and Coinbase have seen their stock prices rise in tandem with Bitcoin’s appreciation, while the broader ecosystem of custody providers, exchange operators, and blockchain infrastructure companies is positioning itself for what many anticipate will be a sustained period of growth under a more permissive regulatory regime.
The Path Forward for Blockchain Infrastructure
The Davis Polk analysis anticipates that the new administration will also reconsider the classification of crypto-related activities under banking regulations, potentially designating them as “financial in nature” — a categorization that would allow bank holding companies to engage in crypto activities more freely. Additionally, the report expects movement on crypto-focused bank charters, potentially including new charter types for payment stablecoins, which could create entirely new categories of regulated financial institutions built on blockchain technology.
The five activities identified in a 2021 interagency policy sprint — crypto asset custody, facilitation of customer crypto trading, crypto-collateralized lending, stablecoin-related payment activities, and holding crypto assets as principal — could all see new guidance under the incoming administration. For the blockchain infrastructure sector, this could mean rapid growth in bank-operated custody solutions, regulated DeFi integration, and institutional-grade stablecoin payment networks.
Why This Matters
The convergence of Bitcoin’s record-breaking price action, expanding mining operations, and anticipated banking regulatory reform creates a unique inflection point for blockchain infrastructure in the United States. The infrastructure being built today — from mining facilities in Ohio to bank-integrated custody solutions — will form the backbone of how digital assets are produced, stored, and transferred for years to come. For investors, developers, and businesses watching this space, the signals coming from both the market and Washington suggest that the United States is positioning itself to become the global center of blockchain infrastructure, with implications that extend far beyond cryptocurrency prices.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are highly volatile, and past performance is not indicative of future results. Always conduct your own research before making investment decisions.
largest daily dollar gain in btc history. $8,400 in 24 hours
and miners were selling less. the supply squeeze plus demand wave was a perfect storm
miners holding plus etf inflows plus election momentum. three supply/demand forces hitting at the same time is rare
three forces aligned and nobody saw 88K coming. the supply squeeze was already building before the election result
8,400 daily move felt insane then. now btc does that in an hour during a normal week
8400 in a day felt insane but btc does that during liquidation cascades now. the market structure totally changed post-ETF
theo is spot on. post-ETF market structure completely changed how BTC absorbs supply shocks. what used to take weeks to digest now clears in a single session
crypto market cap from $2.23T to $2.86T in a week. thats a $630B expansion. numbers are absurd
a $630B market cap expansion in one week and some people still called it a dead cat bounce. the denial was incredible
the trump trade was real. pro-crypto sentiment from the white house changed the entire institutional allocation thesis overnight
miners holding + ETF inflows + election hype. three supply shocks aligning at once basically never happens. and people still called it a dead cat
three supply shocks aligning at once is genuinely rare. nadia listing them out makes it obvious why nobody called 88K. the setup was unprecedented