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.