Donald Trump Wins US Election; Will Bitcoin Hit $100K?

• Donald Trump has won this year’s presidential election, overcoming Democratic leader Kamala Harris, a result that aligns with market expectations.
• After Trump’s victory, Bitcoin’s price surged by 9.6% to a record high of $75,198 while Ethereum followed with an increase of 8%.

Bitcoin, the world’s first cryptocurrency hit a new record high of $75,060 on Wednesday just when crypto investors celebrated Donald Trump’s victory in the US elections. As stated in the Stand With Crypto report, Trump has won this year’s presidential election, defeating Democratic leader Kamala Harris the 49th vice president of the United States.

Notably, Trump has won the electoral vote prizes of battleground states including North Carolina, Georgia, Texas, Florida, Pennsylvania among others. Kamala Harris took New York and California, as well as Virginia. The president pledged to make United States the “bitcoin and cryptocurrency capital of the world” and to appoint tech billionaire and rightwing conspiracy theorist Elon Musk to lead a comprehensive audit of government expenditures.

Donald Trump served as the 45th president of the United States from 2017 to 2021. During his previous term, he implemented corporate tax cuts that increased market liquidity, which in turn stimulated investment in high-growth assets like cryptocurrency.

In September, Trump revealed that he, along with his sons and various entrepreneurs, would be launching a digital currency platform called World Liberty Financial. The platform will mainly allow users to lend and borrow cryptocurrencies.

Bitcoin Reaches Record High of $75,000, is 100k Next?

The outlook for cryptocurrency has never been as promising as it is today, with Bitcoin’s ascent driving the prices of various altcoins higher. Ethereum (ETH) increased by 8% to reach $2,595, and Solana saw a remarkable rise of 15% to $186. 

During the elections, Dogecoin (DOGE), known for its dedicated community, experienced a significant boost in trading volume and social media engagement, resulting in a 22% price surge. Following Donald Trump’s victory, many crypto investors and executives are optimistic that he will fulfill his pledge to remove Gary Gensler, the Securities and Exchange Commission chair who has faced widespread criticism from the crypto community.

The SEC has taken legal action against several crypto firms, including Ripple Labs, Coinbase, Kraken, and Crypto.com, along with blockchain software company ConsenSys. Currently, Bitcoin is trading between $73,000 and $75,000, the coin is showing a bearish trend. In addition to its price revision, BTC’s market cap saw a 7.58% increase and hit $1.46 trillion.

Also, activity in the Bitcoin network has increased, surging its trading volume by 143% and hitting $101 billion. If these factors align, we could soon see Bitcoin reaching the coveted $100,000 milestone, particularly with the potential influence of Donald Trump’s win on market sentiment.

Recommended for you: