Bitcoin and Trump Connection Deepens as Investors Celebrate Election Results
Bitcoin rises over $75,000 ahead of Trump’s victory. Crypto bets in favor of Trump hit the jackpot and generated millions overnight.
As the results of the U.S. presidential election became known, cryptocurrency investors were left scratching their heads, with many predicting that Donald Trump’s success could fuel a Bitcoin [BTC] rally.
The market has been no disappointment. Even before the results were known, BTC broke through the $75,000 mark and hit an all-time high before stabilizing at a recent high of $73,589. Glassnode’s data also shows that 98% of bitcoin holders made a profit at these remarkable levels.
Trump Declares Early Victory
After a very close race, Trump took the stage to celebrate his near victory in Florida. He was projected to win the key states of Pennsylvania, North Carolina and Georgia.
Later, the Associated Press-EP projected that Trump would win Wisconsin.
Trump had 277 electoral votes to 224 for his Democratic opponent, Kamala Harris, according to the latest AP projections. 270 were needed to secure victory. Thus, Trump secured the Oval Office. He became President of the United States.
Community Reactions
The election results were the subject of enthusiastic reactions from key figures in the cryptocurrency community.
Brian Armstrong, CEO of Coinbase, took to X (formerly Twitter) to celebrate the election of more than 219 pro-cryptocurrency candidates for the U.S. House and Senate, which he described as “the most pro-cryptocurrency U.S. Congress in history.”
He noted that voters of all parties have shown a strong desire for clear regulations on digital assets, and expressed a desire to work with the new Congress to establish those guidelines. Eleanor Terrett, a journalist for Fox Business, also highlighted Trump’s influence on the cryptocurrency sector, stating that “The first ‘criptopresident’ will now, in fact, be @realDonaldTrump.”
Big Wins for Pro-Trump Whales
The cryptocurrency community wasn’t the only one rejoicing over Trump’s victory. For those who chose to bet on him to win, it has resulted in significant profits.
Data from Lookonchain showed impressive gains among the top players – “Theo4” made a profit of $20.4 million, “Fredi9999” made a profit of $15.6 million, and “zxgngl” made a profit of $11 million.
All eyes are on how the crypto-friendly Trump administration and newly elected Congress will shape the future of digital assets in the US.
Trump’s Stance on Cryptocurrencies
In the wake of his victory, Trump received a congratulatory message from Nayib Bukele on X (formerly Twitter), a leading cryptocurrency advocate, underscoring the global focus on the potential impact of his presidency on crypto policy.
Trump’s victory has led many to question whether he will be able to deliver on the ambitious promises he made during his election campaign, which could see the broader cryptocurrency market, including bitcoin, soar to unprecedented heights.
Trump also pledged to “immediately” remove SEC chair Gary Gensler, establish a nationwide bitcoin reserve and eliminate capital gains taxes on bitcoin transactions.
Cryptocurrency Demand and the Impact of Trump’s Promises
In the immediate aftermath of Trump’s election, bitcoin surged by 7.7%, with the Coinbase Premium Index reflecting a notable increase in buying interest, particularly in the US.
The optimistic market sentiment towards Trump’s expected pro-cryptocurrency regulations was indicated by the significant rise in the index. This trend was clearly seen on the 1st of November, following Trump’s election, when the market reacted strongly to his potential policy changes.
Will Trump be able to deliver on these promises? His post-election comments provided a glimpse into his strategy. He promised that his administration would work every day to usher in a “golden age for America”.
By Leonardo Perez