This week, the United States made its choice, re-electing Donald Trump, the 45th president, to once again steer the nation as its 47th leader. Since the election, bitcoin has soared to a fresh all-time peak, breaking past the $76K mark. In the aftermath, Bitcoin.com News received a flood of reactions from industry figures eager to weigh in on the unfolding events. The blockchain and Web3 software firm Consensys expressed its enthusiasm about collaborating with Trump’s administration in the coming term.
“With the election over, former President Donald Trump will be the 47th President of the United States. We look forward to working with the new administration, and incoming members of Congress, to advance sound crypto regulation that benefits users and supports Web3 innovation,” Consensys explained in a note sent to our newsdesk. The firm added:
Consensys remains committed to enabling a decentralized future that brings people together and supports American dynamism.
Okx Chief Legal Officer Mauricio Beugelmans shared that the prominent crypto exchange is optimistic a Trump administration will bring forward-thinking regulation to protect and nurture the industry. “Today’s all-time high, driven by a Trump election win, signals that we are in the midst of a potential paradigm shift into the next phase of growth for crypto,” Beugelmans said.
“As a candidate, Trump sent very bullish signals to the market about embracing the crypto industry and strengthening the United States’ status as a global, regulated crypto hub,” the Okx CLO remarked. “If implemented, this will have broad repercussions globally. Our approach within this context will be to maintain our strategy of building responsibly and invest in our growth around the world, including in the U.S.”
Beugelmans added:
We hope forward-looking regulation that protects the industry, users and cultivates crypto innovation in America becomes a bipartisan topic in the future and we stand ready to contribute however we can while maintaining the highest standards of compliance and security across all operations. A clear, balanced regulatory approach would strengthen America’s position in the global digital asset marketplace.
Aurelie Barthere, Principal Research Analyst at Nansen, told Bitcoin.com News that the recent election results have sparked a noticeable change in market sentiment. Investors are starting to re-risk, anticipating a more crypto-friendly regulatory climate. The Nansen executive highlighted that this post-election boost has already made its mark, with both bitcoin and ethereum seeing substantial gains in market performance.
“Bitcoin crossing its all-time high with heavy volume is a clear signal of ongoing positive momentum following the elections,” Barthere detailed. “In the seven days leading up to the election, there was a notable de-risking in both crypto and equities, likely driven by less favorable polling for Trump. However, we’re now seeing a rush to re-risk, which is reflected in the recent upward movement in crypto.”
“The confirmation of Republicans winning the House could provide an additional boost to the risk rally, but we may see some profit-taking in the coming weeks or months as actual policies are tested,” the Nansen researcher continued. “For example, a key question will be whether the SEC head faces political pressure to step down.”
Barthere further remarked:
Ethereum, too, is catching a bid, fueled by expectations that DeFi will make a comeback. We’re seeing some interesting patterns, such as a surge in the ETH BTC price ratio on high volume and a significant spike in ETF net inflows on the day of the election results. These net inflows, which totaled $52 million, are particularly noteworthy and should be closely monitored moving forward. This will help gauge the broader retail adoption of ETH, something that has yet to materialize in a meaningful way since the launch of the ETH ETF.
The 2024 election outcome has set a notable precedent for how political shifts may impact the crypto landscape. With Trump’s re-election signaling a potentially warmer stance on digital assets, industry leaders are eyeing the prospect of more favorable regulation. Such an environment could spur substantial innovation and growth, positioning the U.S. as a competitive crypto hub in the years ahead.
As the industry watches for policy developments, the recent bitcoin surge and increased optimism signal the high stakes for crypto in this political chapter. A regulatory framework that balances innovation with compliance could strengthen America’s standing in digital assets, ushering in an era of responsible growth. Stakeholders are now preparing to adapt as the next phase of crypto evolution unfolds.
