How have bitcoin investors responded to the presidential election?
Bitcoin jumped nearly 8% in early trading, rising above $75,000 and breaking its previous record high set in March. Other cryptocurrencies also rallied, including ether, the world’s second most popular cryptocurrency after bitcoin, which gained 8%.
Why Trump’s victory means a rise in the price of bitcoin
Trump was previously a crypto skeptic but changed his mind and became more positive about cryptocurrencies before the election. He promised to make America the “crypto capital of the planet” and create a “strategic repository” for bitcoin. His campaign is accepting donations in cryptocurrency, and he featured crypto fans at a bitcoin conference in July. He also launched World Liberty Financial, a new family-owned cryptocurrency exchange.
Bitcoin performance in 2024
Bitcoin is up 77% this year. “Bitcoin was the asset that always went up when Trump returned to the White House,” said Russ Mold, investment director at AJ Bell, a British online investment platform. After touching new highs, the market is now speculating about “when, not if, it will break through $100,000,” he said. “Trump has already declared his love for digital currency and crypto traders now have a new history to be even more excited about where the price can go,” Mold said.
Feedback from the crypto industry
Crypto industry players have welcomed Trump’s victory, hoping that he will be able to implement long-pleading legal and regulatory changes. Trump had promised that, if elected, he would remove the chairman of the Securities and Exchange Commission, Gary Gensler, who has been leading the US government in the crypto industry.
“Tonight the crypto voter spoke with conviction — across party lines and in key races across the country,” said Brian Armstrong, CEO of Coinbase, one of the world’s largest cryptocurrency exchanges. “Americans are disproportionately concerned about crypto and want clear rules of the road for digital assets. We look forward to working with the new Congress to deliver it,” Armstrong told X.
The best crypto platforms and apps
We have ranked the best crypto exchanges in Canada.
Read more about bitcoin and crypto:
Source link
