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.
