Bitcoin soared to a new all-time high on Monday following Donald Trump's White House victory after betting on his status as the pro-crypto presidential candidate during the campaign.
The expensive cryptocurrency rose 5.5% on Monday to $84,788.81. It rose about 9% on Wednesday after early morning election results showed Trump won both the electoral vote and the popular vote.
Rival cryptocurrency Ether has risen 30% in the past week. It rose to $3,250.56 on Monday, but fell to $3,236.84.
Cardano, a decentralized token tied to the public blockchain platform of the same name, rose 1.8%. It has risen more than 80% since the election results were announced.
Popular meme coin Dogecoin soared 11.2% on Monday. It has risen more than 90% since Election Day.
Coinbase rose 16.7% on Monday after rising 63% in a week. MicroStrategy soared 19.4% on Monday to a new all-time high of $323.
Solo Ceesay, a former City investment banker and co-founder of digital marketplace Karaxie, said Trump's victory would likely result in “favorable and more realistic regulation” for the crypto industry.
“We expect to see an explosion of on-chain activity and startups, especially in decentralized finance (DeFi), which could impact the growth of the centralized giants that currently exist. ” Ceesay said in the memo.
The Trump administration may enact a clearer and more logical framework for asset classification and taxation of digital assets, according to Eric Waisanen, co-founder and CEO of cryptocurrency exchange Astrovolt. is said to be high.
Mr. Waisanen said that Mr. Trump, as president, could seek to reorganize regulatory agencies such as the Securities and Exchange Commission or create an entirely new agency to classify assets.
“Under President Trump's leadership, we expect to see a better understanding of asset holdings and liquidity, lower taxes, and more nuance,” he said.
In July, President Trump headlined the 2024 Bitcoin Conference in Nashville, Tennessee, announcing that if re-elected to the White House, he would make the United States “the crypto capital of the planet and the world's Bitcoin superpower.” I swore that I would.
President Trump has unveiled his plans for the industry, including firing SEC Chairman Gary Gensler, amassing a U.S. cryptocurrency “stockpile” and creating a Bitcoin advisory board.
President Trump has previously argued that all Bitcoin should be mined in the United States.
“For three and a half years, this administration has been waging a war on cryptocurrencies and Bitcoin unlike anything anyone has ever seen before,” President Trump said at a Bitcoin conference.
In last week's research notes, CNBC reportedCiti strategists said cryptocurrencies are one of the “few Trump trades that have not yet reverted.”
“Part of this is due to the expected crypto-friendly nature of the Trump administration, which investors hope will lead to clarity on U.S. regulation,” said strategists led by David Glass. said.
They said spot crypto ETFs have seen the biggest inflows since the election.
“Specifically, in the two days following the election, net inflows into the BTC and ETH ETFs were $2.01 billion and $132 million, respectively,” they said. “We continue to see ETF flows as the main driver of Bitcoin’s return.”
