The cryptocurrency market grew as Trump returned to power, occupying the White House following a second term with clear crypto-friendly policies.
Cryptocurrencies reacted with a bullish wave when the news was released that Donald Trump had won the U.S. presidential election and become the 47th President. The latest figures from CoinGecko indicate that the global cryptocurrency market has increased by about $5% within the last day, with the capitalization now standing at $2.56 trillion USD while the daily trading volumes are nearly doubling to $236 billion.
Bitcoin tops $19k as the US election news continues to dominate the financial markets
Bitcoin, which kicked off the market rise, reached an all-time high of $75,011 at today’s trading. Ethereum went up 6.3% to $2,590 but is still 47% lower than its November 2021 high of $4,878. Other major altcoins have also had good increases, and most of the top one hundred coins had solid gains as Trump’s positive stance on cryptocurrency development bolstered confidence within the industry.
But such a heaped price surge has introduced more fluctuation signs, especially in the BTC, signs of short-term traders’ profits taking. Several large Bitcoin hodlers start to turn, indicating that the market may now be ready for a shakeout, first down, then upcycle.
Trump’s Pro-Crypto Policies Help in Boosting Market Optimism
Although Trump was not very open with his opinions regarding the crypto industry before his election, his victory marked the beginning of a promising trend for new digital currency projects. The former President has made several pro-crypto pledges throughout his campaign, including:
– Making Bitcoin have a stable fundamental worth, setting up a national Bitcoin reserve to strengthen America’s position on Bitcoin.
Replacing Chair Gary Gensler with a more amicable official to cryptocurrencies.
Supporting the free Silk Road creator Ross Ulbricht, who is still in prison.
The strategy, on the other hand, is to Counter CBDCs by increasing the U.S. share of Bitcoin mining by a percentage.
Trump made these commitments at the Bitcoin 2024 conference in July while elaborating on the significance of cryptocurrency in a general economic approach.
It was not only the presidential election: many pro-crypto candidates won in the House of Representatives and the Senate. According to Stand With Crypto, which tracks political contributions related to cryptocurrencies, 247 candidates supporting crypto won seats in the House and 15 in the Senate. Most of these talents have openly supported bills favorable to the industry, such as the SAB 121 bill, which seeks to safeguard users and boost the advancement of digital assets.
These victories show that the political situation for cryptocurrency regulation is becoming increasingly favorable, as the majority of elected candidates pledged to promote policies that support the digital asset space and safeguard innovations within it.
This paper will analyze how Trump’s presidency may change the existing policies and regulations regarding the cryptocurrency market in the United States as his administration starts to unfold.
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