Donald #Trump 's victory in the US presidential election pushed #Bitcoin to a record high. The world's largest cryptocurrency rose by over 7% to $75,389 on Trump's return to the White House
Donald Trump’s victory in the US presidential election sent Bitcoin to a record high. The world’s largest cryptocurrency surged more than 7% to $75,389, surpassing its previous peak of $73,803, as Trump returned to the White House. This rise also led to price increases in other cryptocurrencies.
Leading figures in the crypto world see Trump’s victory and the Republicans’ strong position in Congress as an opportunity to make positive changes to crypto policies in Washington. As a crypto-friendly leader, Trump has promised to end the “suppression” of the sector and create a more crypto-friendly regulatory structure in the US.
“The future of crypto has never been brighter,” said Kris Marszalek, CEO of Crypto.com, expressing hopes for the crypto sector. The rise of Bitcoin has also pushed up the prices of cryptocurrencies such as Ether and Solana. Ether rose by 10% to $2,661, and Solana by 12% to $185. Dogecoin, backed by Elon Musk, rose by 30% to 22 cents, but then fell back to 20 cents.
Trump’s victory comes amid a surge in support from Silicon Valley crypto investors. The likes of Andreessen Horowitz and Gemini founders Tyler and Cameron Winklevoss have made significant contributions to campaigns in support of pro-crypto candidates. “We are on the cusp of a new American Renaissance,” Tyler Winklevoss said after Trump’s victory.
Coinbase CEO Brian Armstrong also said that “crypto voters sent a clear message tonight,” emphasizing that Americans want clear rules for crypto assets. Trump promised during his election campaign to establish a strategic Bitcoin reserve for the United States and to fire SEC chairman Gary Gensler, who has been at odds with the crypto industry.
The SEC has previously filed lawsuits against exchanges such as Coinbase, Kraken and Crypto.com, as well as blockchain companies such as Consensys and Ripple Labs. Bitwise chief investment officer Matt Hougan said expectations for a “positive regulatory environment” in the crypto sector have increased following the election results.
Trump’s promise to support Bitcoin mining in the U.S. also boosted shares in the mining sector. Shares of mining companies such as Riot Platforms, Marathon Digital and Core Scientific increased by 12%, 9% and 7% respectively, while Coinbase shares gained 19%.
Finally, the flow of money into exchange-traded funds (ETFs) investing in crypto in the U.S. has also supported Bitcoin’s rise. BlackRock’s flagship Bitcoin fund received more than $2.4 billion in inflows last week, bringing its total assets past $30 billion.
