- Bitcoin reached a new high in the early hours of Wednesday.
- Donald Trump has won the U.S. presidential election.
- Crypto users consider Trump’s win positive for the industry.
Bitcoin surged to a new peak early Wednesday, fueled by the official confirmation that former President Donald Trump has won the 2024 U.S. presidential election. The leading cryptocurrency hit an all-time high of $75,080, trading at $74,512 at the time of writing. Polls indicate that Trump won decisively, with several state results still being finalized.
Notably, the market reaction to Trump’s victory is evident not only in Bitcoin but across the entire crypto market. Other top cryptocurrencies, including Ethereum and Solana, have seen notable increases, aligning with earlier predictions of a market rally if Trump emerged as the next President. Ethereum gained over 10% in the past 24 hours, trading at $2,592, while Solana rose by 20% to reach $185 during this report.
Crypto Market Rallies on Trump Win
Market developments align with the expectation that Trump’s pro-crypto stance would positively impact the sector. Many had anticipated a market rally in the event of a Trump victory, based on his promises of industry support. During his campaign, Trump pledged to remove SEC Chair Gary Gensler on his first day in office, a commitment that has encouraged the crypto community.
Trump’s promise to sack Gensler excited many crypto users who believe he has played a crucial role in stifling the crypto industry’s development. Hence, the crypto industry believes firing Gensler, besides Trump’s campaign promises, would provide a favorable atmosphere for the industry to thrive.
Read also: Donald Trump Promises To Fire Gary Gensler as SEC Chair On Day One
Harris’s Crypto Stance Lacked Impact
Meanwhile, the Kamala Harris team expressed their support for the crypto industry, but only towards the end of the campaign. Most crypto users do not see the Vice President’s plans as convincing enough, especially considering her links with the current administration, of which she is a part. Therefore, most analysts believe that a Harris victory might have dampened enthusiasm in the crypto space.
With Trump’s win now confirmed, the market appears to be entering a new bullish phase, introducing a much-anticipated crypto bull run that investors had been looking forward to for months. The confirmation of Trump’s election success and the expected regulatory shift are seen as key drivers of this market momentum.
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