Spirits are high amongst traders after the lop-sided victory of the republican candidate, Donald Trump, in the 2024 US Presidential elections. This was evident by the fact that Bitcoin surged to an all-time high as traders believed that Donald Trump’s return to the White House would affect the cryptocurrency market for good.
The biggest cryptocurrency in the world, Bitcoin, reached the illustrious mark of $80,000 on Sunday, 1200 GMT. Moreover, the digital asset has been on the rise ever since Trump’s win in the 2024 elections. Many experts believe that the Trump administration might ease the regulation on cryptocurrency, particularly because Elon Musk was a big part of the campaign and is allegedly supposed to play a role in the government as well. One day after the results, Bitcoin reached $75,000 on Wednesday, crossing the previous all-time high of $73,797.
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Trump is often seen as a pro-crypto candidate compared to his democratic party counterpart. Although Trump called cryptocurrencies a scam during his first tenure in the White House, he has changed his position on digital assets since then, even launching his own platform. This time around, Trump is very positive towards adopting cryptocurrencies and has pledged to make the United States “Bitcoin and cryptocurrency capital of the world” and to put Elon Musk at the helm of it.
