What's Next for the Crypto Market Under Trump's Presidency?
The article 'Bitcoin Reaches All-Time High: What's Next for the Crypto Market Under Trump's Presidency?' first appeared on Coinpedia Fintech News
Democratic candidate Kamala Harris has conceded defeat in the U.S. election, marking the beginning of a new era led by Republican leader Donald Trump, who secured at least 295 electoral votes compared to Harris's 226. This is the second time Trump has been chosen by U.S. voters to lead the White House.
In 2016, he was elected for the first time. Notably, during his first presidential term, the Bitcoin market grew an astonishing 2372.05%. This time, throughout the election campaign, Trump positioned himself as a crypto-friendly leader. Therefore, the crypto community is eagerly watching how far the BTC market will go in his second term. Let’s take a closer look at this scenario.
The Journey of Bitcoin Since Trump's First Election Victory
On November 8, 2016, Trump was first elected to the highest position of power. On that day, the price of BTC was around $600. He was ousted on November 3, 2020. By that time, the price had reached $14,033.10. During Biden's presidential term, the BTC market witnessed a growth of 394.45% – significantly lower than the growth achieved during Trump's first term.
Expectations for Growth Under Trump's Second Term
Trump, during the campaign, committed to introducing policies that support crypto. Additionally, he promised to remove SEC Chairman Gary Gensler, who is not favored by the crypto community due to his strong anti-crypto views. Experts predict that the crypto market could witness significant growth during Trump's next presidential term. The entire crypto market has seen a growth of 0.3% in the past 24 hours in market capitalization.
Bitcoin was $700 the day after Trump won his first election. Now it is $75,000 the day after Trump won his second election. It will be interesting to see what it reaches by the end of his four years.
— IncomeSharks (@IncomeSharks) November 7, 2024
The Optimism of the Crypto Market After Trump's Victory
Nearly all major crypto assets have experienced growth in the past 24 hours. Just yesterday, the Bitcoin market recorded a surge of 8.93%, creating a new all-time high. The Ethereum market noted an increase of 8.3% in the past 24 hours. Solana, BNB, XRP, Lido Staked Ether, Cardano, and Avalanche are among the crypto assets that have seen growth during that same period.
In conclusion, as Trump's term unfolds, the crypto market will be closely watching to see if Bitcoin's growth continues as robustly as it has over the past eight years.
