As Donald Trump nears securing his second term, the cryptocurrency market is surging with renewed energy and optimism. While the election results are still being finalized, Bitcoin (BTC-USD) has surged to new heights, briefly reaching $75,000. So, what’s driving this crypto rally? The crypto community seems to believe Trump is the hero they’ve been waiting for, with his pro-crypto stance already making a huge impact.
Trump’s Pro-Crypto Stance Energizes the Market
It’s safe to say that Trump wasn’t always seen as a friend to the crypto world. In fact, his earlier comments were skeptical, but he’s done a complete about-face in recent years. Now, he’s positioning himself as the “pro-crypto” candidate. During his victory speech on November 6, Trump promised to create a “golden age” for America, which many in the crypto community believe includes turning the U.S. into the “crypto capital of the planet.” His campaign has repeatedly stated that he would end the so-called “war on crypto” and even promised to fire SEC Chairman Gary Gensler—who has been viewed as anti-crypto—on his first day back in office.
A Trump victory is looking more likely by the hour, with 277 electoral votes already in his pocket, surpassing the 270 needed to win, according to The Associated Press. The market has reacted, with Bitcoin prices breaking through new thresholds and keeping traders on their toes.
Bitcoin’s Record-Breaking Surge
As Trump’s lead solidified, Bitcoin soared. At the time of writing, Bitcoin is hovering around $73,580, just shy of its all-time high, which came close to $75,000 on November 6. The total cryptocurrency market cap has swelled to around $2.6 trillion, a significant rebound from its 2021 peak of over $3 trillion, according to CoinTelegraph. This sudden rise has many speculating that Trump’s victory could spark further rallies in the sector, especially as key figures like Gemini’s Tyler Winklevoss and Kraken’s Jesse Powell have openly backed his candidacy, calling him the “only pro-crypto candidate.”
At the time of writing, Bitcoin is sitting at $74,611.45.
