The U.S. presidential election has unleashed a wave of enthusiasm in the cryptocurrency market, pushing Bitcoin to an unprecedented high of $75,000. Investors, anticipating a Trump victory, see a potential shift toward a more crypto-friendly administration, propelling Bitcoin beyond its previous peak of $73,000 from March, which had wavered under political uncertainties.
Trump’s Pro-Crypto Stance
Trump’s campaign, openly supportive of digital assets, represents a significant departure from the Biden administration’s stricter regulatory approach. Over the summer, Trump and the Republican Party welcomed crypto with open arms, drawing substantial backing from an industry long frustrated by current regulatory pressures.
On Tuesday night, crypto advocates celebrated the surge across social media and speculated that SEC Chair Gary Gensler, appointed by the Democrats and seen as a regulatory roadblock, might be replaced. Meanwhile, Ohio’s Senate race saw Republican pro-crypto candidate Bernie Moreno defeating Democratic incumbent Sherrod Brown, a long-time critic of digital assets and former chair of the Banking Committee. Crypto supporters poured millions into Moreno’s campaign, viewing the victory as a critical win for the industry.
Altcoins Ride the Wave
The election outcomes seemed to align with the trends on crypto-based betting platforms like Polymarket, which had been forecasting a Trump victory. Early Election Day odds favored Trump at 58%, rising to 90% by late evening as results came in.
Beyond Bitcoin, other cryptocurrencies rallied strongly. Ethereum jumped by 7%, Solana by 15%, and Dogecoin surged nearly 20%, with Dogecoin’s gains partially fueled by Tesla CEO and Trump ally Elon Musk. A long-time supporter of Dogecoin, Musk humorously suggested establishing a “Department of Government Efficiency (DOGE)” under a Trump administration.
Crypto-Tied Stocks to Surge
The election results also bode well for companies like Coinbase and MicroStrategy, whose stock prices tend to reflect Bitcoin’s performance. With pro-crypto sentiment seemingly on the rise, these companies could see further gains if regulatory policies become more favorable under a potential Trump administration.
