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November 21st , 2024

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Kwame Fosu

A week ago

BITCOIN SURGES PAST $81,000 AS TRUMP’S ELECTION IGNITES CRYPTO MARKET BOOM

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SINGAPORE (Reuters) Bitcoin soared to an all-time high above $81,000 on Monday, driven by the anticipated growth of cryptocurrencies in a pro-crypto regulatory landscape following Donald Trump’s election as U.S. president, alongside a wave of crypto-friendly candidates winning congressional seats.

Bitcoin, the world’s largest and most recognized cryptocurrency, has more than doubled from its 2024 low of $38,505, hitting a new record high of $81,899 before settling at $81,572.

Trump made digital assets a cornerstone of his campaign, vowing to establish the U.S. as the “crypto capital of the world” and build a national bitcoin reserve, sparking investor optimism and a flurry of activity in the digital asset market.

While many post-election “Trump trades” in traditional markets—such as U.S. stocks and bond shorts—have cooled off, cryptocurrencies have continued their bull run. 


“Bitcoin’s Trump-pump is real,” said Matt Simpson, senior market analyst at City Index. “With Republicans potentially securing control of Congress, it seems the crypto community is banking on deregulation and friendlier policy.”

Crypto-Friendly Shift in Congress Bolsters Market Optimism

Although Trump’s immediate priorities may lie elsewhere, crypto enthusiasts anticipate a lighter regulatory approach and potentially less scrutiny from the U.S. Securities and Exchange Commission (SEC) under new leadership. Trump has been vocal about plans to remove SEC Chair Gary Gensler, which many believe would relieve pressure on the sector.

The crypto industry invested over $119 million to back pro-crypto congressional candidates, and these efforts paid off. Notably, Ohio’s Senate Banking Committee Chair Sherrod Brown—a vocal crypto critic—lost his seat. Pro-crypto representatives, spanning both Republican and Democratic parties, also scored victories in states like Michigan, West Virginia, Indiana, Alabama, and North Carolina.

Adding to the excitement, Trump recently launched a new venture, World Liberty Financial, aimed at the crypto space. Though details remain limited, the move has further boosted investor confidence, seeing it as a sign of the administration’s commitment to crypto.


Broad gains in cryptocurrencies

Bitcoin isn’t alone in its rally. Ether surged past $3,200 for the first time in over three months and was trading at $3,192. Dogecoin, originally a humorous take on the 2013 crypto craze, reached a three-year high, capturing the attention of crypto traders across the globe.

The enthusiasm for cryptocurrencies has also drawn support from key figures in Trump’s circle. Billionaire and frequent Trump ally Elon Musk has been a longstanding proponent of digital currencies. Meanwhile, Eric Trump, the president-elect’s son and vice president of The Trump Organization, is scheduled to speak at an upcoming Bitcoin conference in Abu Dhabi, underscoring the administration’s embrace of the crypto industry.

With Trump’s pro-crypto agenda on the horizon, the market appears poised for further growth as investors continue to rally behind what they see as a new, favorable era for digital assets in the U.S.

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