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Bitcoin reached a new all-time high on Wednesday as investors banked on President-elect Donald Trump’s win in the U.S. presidential race to boost the cryptocurrency market. Trading volume of the world’s largest cryptocurrency skyrocketed 145 percent in 24 hours.
Bitcoin rose nearly 8.5 percent from 7 p.m. Tuesday to 2 a.m. Wednesday, moving almost in lockstep with prospects of a Trump win. The price jumped from around $69,492 at 7 p.m. when polls closed on the East Coast to $74,286 by midnight after it became clear Trump would likely sweep Georgia and North Carolina, narrowing Vice President Kamala Harris’ potential path to the White House.
Around 1:20 a.m. Wednesday, Bitcoin hit a new all-time high, cresting at $75,395. An hour later, the Associated Press called Pennsylvania for Trump and the president-elect took the stage at a venue in West Palm Beach, Fla., to celebrate with his followers.
Other cryptocurrencies also surged on election night, including a 30 percent rally in Dogecoin, the token supported by billionaire Elon Musk, a vocal Trump backer. Ethereum, the second most popular cryptocurrency by trading volume after Bitcoin, also saw a nearly 9 percent jump.
Trump once voiced skepticism about cryptocurrency but firmly repositioned himself in 2024 as the pro-crypto presidential candidate, courting a bloc of single-issue voters and big-ticket donors in the cryptocurrency world.
“With Trump winning the presidential election, we don’t expect as many regulatory and legislative headaches,” says Adam Blumberg, co-founder of Interaxis, a firm that provides cryptocurrency and blockchain education for financial advisors.
In July, Trump declared that the U.S. should become the “crypto capital of the planet” and the Bitcoin “superpower of the world” at a major cryptocurrency conference in Nashville, Tenn.
Trump also claimed that Bitcoin’s price would soar under his administration.
Even the Republican National Committee included cryptocurrency in its official party platform leading up to the election, asserting that Trump would defend the right to mine Bitcoin and “ensure every American has the right to self-custody of their Digital Assets, and transact free from Government Surveillance and Control.”
Many crypto enthusiasts believe Trump’s administration will pursue a relaxed approach to regulation for the industry, which now operates under a patchwork of federal laws and restrictions. The president-elect has already vowed to fire the Securities and Exchange Commission (SEC) Chair Gary Gensler, who’s been leading the U.S. government’s push to regulate the crypto industry.
“We will likely see regulators appointed that share the pro-crypto sentiment,” says Blumberg. “This means less time and money spent by crypto companies trying to fight the SEC and Treasury Department.”
If Republicans take control of the U.S. House as they have with the Senate, passing crypto-friendly legislation becomes more likely.
“We could see some crypto and stablecoin legislation pass in the coming 12 months,” says Blumberg.
Leaders in the crypto industry took to social media to celebrate the news.
“Tonight the crypto voter has spoken decisively – across party lines and in key races across the country,” Brian Armstrong, CEO of Coinbase, one of the biggest cryptocurrency exchanges in the world, wrote on X. “We look forward to working with the new Congress.”
But Blumberg notes that cryptocurrency markets will likely stay chaotic in the weeks and months ahead.
“Investors should still expect volatility,” he says.
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