🍀Robinhood, a platform that allows users to buy and sell a number of digital currencies, rose by 27% over the past week.
Trump had pledged during his campaign to fire SEC Chairman Gary Gensler, which bodes well for companies like Coinbase that are fighting the regulator in court over alleged securities crimes.
Donald Trump has marketed his campaign with his support for cryptocurrencies, but he may change his approach to the sector, First Financial Market CEO Nadim Al-Sabaa said.
He added in an interview with Al Arabiya Business that what Trump wants from the cryptocurrency market is not clear, as he may facilitate its dealings or move towards licensing it by the authorities in the United States, which contradicts the essence of the market.
He continued: "Trump may facilitate trading in the cryptocurrency market, but under the authority of regulatory authorities, which may negatively affect Bitcoin prices, as they have achieved record levels near $83,000.
He continued: "I believe that the excessive optimism in the markets will begin to fade as Trump approaches the actual assumption of power in the United States."
He pointed out that the markets are waiting to see if Trump will pressure the US monetary authorities to lower interest rates.
He explained that the dollar is facing further rise, as any closing of the US currency index above 107 levels may push it to 111 levels.
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