Connect with us

Hi, what are you looking for?

Cryptocurrency

The impact of Trump’s victory on cryptocurrency and Bitcoin prices is noteworthy

Trump’s victory and pro-crypto policies have paved the way for a potential crypto market boom, with both Bitcoin and crypto experiencing historic increases. Investors believe that his administration will create an environment that promotes growth and innovation in bitcoin. We expect the momentum for Bitcoin and other digital assets to continue as additional pro-crypto legislation passes through Congress.

Donald Trump won the last US presidential election, which has provided a substantial boost to the Bitcoin industry. Following the revelation, a wave of optimism rushed across the crypto community, sending crypto skyrocketing and Bitcoin reaching all-time highs. Coinbase, a renowned cryptocurrency exchange, soared 31.1%, while other crypto-related companies, such as Robinhood and MicroStrategy, experienced similar gains.

Trump’s pro-crypto stance during the campaign, where he promised a better environment for digital assets, contributed to this market shift. One of his significant recommendations was the establishment of a strategic Bitcoin stockpile, which comforted investors about the future of cryptocurrency under a Trump administration. Furthermore, the prospect of Republicans gaining control of both the White House and Congress increased optimism for the implementation of crypto-friendly legislation. This includes possible legislation such as the Financial Innovation and Technology for the 21st Century Act (FIT21), which seeks to give the Commodity Futures Trading Commission (CFTC) greater regulatory authority over cryptocurrencies. Passage of such bills will alleviate the regulatory burden on the industry.

Bitcoin, which had already been on an upward trend, surpassed $75,000, shattering previous records and showing fresh investor confidence. Other big cryptocurrencies, such as Ethereum and Dogcoin, had significant gains, with the latter rising by up to 18%. Crypto outpaced the overall market, demonstrating a clear change toward a bullish outlook for the sector.

Advertisement

You May Also Like

Cryptocurrency

In this week's Crypto Chronicle, we explore Meta's new AI search engine that aims to reduce reliance on Google and Microsoft, Banco Bisa's custody...

Elections

In a triumphant return to the political stage, Donald J. Trump has been declared the winner of the presidential race, promising to usher in...

Business

Three days following its launch, Bitget Wallet Lite had amassed 6 million users on Telegram, demonstrating its quick success. This multichain wallet seeks to...

Business

After hackers took advantage of MetaWin's hot wallet feature, the online gambling platform suffered a $4 million loss in a recent incident. MetaWin has...

polkadot
Polkadot (DOT) $ 4.09 0.18%
bitcoin
Bitcoin (BTC) $ 75,009.10 0.85%
ethereum
Ethereum (ETH) $ 2,809.61 6.60%
cardano
Cardano (ADA) $ 0.373863 4.28%
xrp
XRP (XRP) $ 0.548976 2.66%
stellar
Stellar (XLM) $ 0.098678 1.90%
litecoin
Litecoin (LTC) $ 70.82 1.31%