The entire cryptocurrency market started to heat up shortly before it was officially announced that Donald Trump will become the next President of the United States on 2024-11-6. On 11/14 bitcoin rose to a new ATH above the new 93,000 in close proximity to the psychological100000 level.
The optimism comes from investors who believe that the Trump administration supports other policies such as lowering the #cryptocurrency tax rate and corporate tax rate from 21% to 15%.
Brad Garlinghouse, CEO of #Ripple , said that this wave of optimism has contributed to an influx of 8,000 billion yen into the US cryptocurrency market.
In an interview with Fox Business, Garlinghouse was optimistic about President Trump and what it means for digital asset companies. The CEO said the new development marks a change in the so-called war on #cryptocurrencies , characterized by heavy-handed crackdowns by regulators such as the SEC.
Two other U. S. cryptocurrencies, ADA and SOL, are also rising in value as investors look favorably on the new administration's policies. Cryptocurrency market size reached R$3.2 trillion, up from R$2.4 trillion in the pre-election period. Bitcoin's strong performance has led to the growth of other US-centric assets. Robinhood's trading platform features tokens such as xrp and Cardano.
Garlinghouse said the rise was linked to expectations of clearer regulation and policy changes from the Trump administration, he said. "The United States is taking the lead again, he said, emphasizing the market's reaction to the administration's innovative stance.
Garlinghouse complained that the previous administration, led by Gary Gensler, filed several lawsuits against cryptocurrency companies such as Ripple. These enforcement actions, he said, hindered innovation and caused the United States to lose market share in the global cryptocurrency business.
After Gensler's departure and signs of a less opaque regulatory environment for Trump's team, Garlinghouse is optimistic about the industry's prospects.
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