Donald Trump’s Victory Boosts Cryptocurrency Market to New Highs
Strong Bullish Sentiment in Cryptocurrency Market Following Trump’s Election Win
As Donald Trump secures a victory in the U.S. presidential election, the cryptocurrency market experiences a surge in positive sentiment. The global crypto market capitalization has soared by 5% to reach $2.56 trillion, with a trading volume almost doubling to $236 billion in the past 24 hours.
New All-Time Highs for Bitcoin and Ethereum
Bitcoin (BTC) has hit a record high of $75,011, while Ethereum (ETH) is trading at $2,590, reflecting a 6.3% gain. Despite this, ETH remains 47% below its all-time high of $4,878 in November 2021. Most of the top 100 cryptocurrencies are experiencing upward momentum following Trump’s victory.
Volatility in Crypto Market Triggers Profit-Taking
The sudden price surges have led to increased volatility in the crypto market, prompting profit-taking by short-term traders. Long-term Bitcoin holders have also begun to make moves, indicating a potential selloff before another significant bullish phase.
Trump’s Pro-Crypto Promises
Trump, now the 47th U.S. President, has made several pro-crypto pledges, including plans to establish a national Bitcoin reserve and appoint crypto-friendly regulators by replacing the SEC chair. He has expressed support for releasing the Silk Road founder from prison and strengthening the BTC mining sector as a defense against central bank digital currency.
Pro-Crypto Candidates Dominate U.S. Elections
In addition to the presidential election, pro-crypto candidates for the U.S. House of Representatives and Senate have secured their positions, outnumbering anti-crypto nominees. 247 pro-crypto candidates have won seats in the House, while 15 have been elected to the Senate, with a significant number supporting the SAB 121 bill.
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
