Tag: Bitcoin Price

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Bitcoin Surges Above $88,000 Amidst Trump’s Election Victory

Bitcoin price

The phenomenal victory of Donald Trump seems to have a spiraling effect on Bitcoin. It is a well-known fact that throughout his presidential campaign, Donald Trump had been vocal about his support for cryptocurrencies, especially Bitcoin. On 11 November 2024, Bitcoin indeed created history by surging at an all high and crossed the $88,000 mark. Inarguably, Trump’s victory did play a role and we will analyze how. 

Pro-Bitcoin Views of Donald Trump

Donald Trump has consistently supported cryptocurrencies throughout his campaigns. He stated that once he becomes the President, he will ensure that the federal government will never sell off Bitcoin holdings. He also took donations in cryptocurrencies indicating that he is much more open about the sector compared to his main challengers. Trump also threatened to remove the chairman of the SEC Gary Gensler for allegedly punishing crypto firms too harshly and having an aggressive crypto regulation. 

In June this year, Donald Trump had a close-door meeting with bitcoin mining executives and experts. He then boldly declared that all Bitcoin would be mined in America. This is encouraging for many Bitcoin miners.

Bitcoin Price Analysis

The phenomenal growth of Bitcoin is an indication that Donald Trump’s victory had a positive impact on cryptocurrency. This is bound to have a positive ripple effect on crypto exchanges. This is because most people will choose exchanges that can give them fast access to cryptocurrencies. It will allow trading with predetermined prices. This has given investors enormous confidence to invest in the current trend. The trading volume of Bitcoin has also grown substantially. This invariably implies that there is strong participation by both retail and institutional investors. Therefore, the optimism will continue to rise as far as Bitcoin’s prices are concerned. 

Bottom Line

The upsurge in Bitcoin’s prices is a healthy indication. Donald Trump’s recent election victory is the main reason behind the surge in enthusiasm and confidence among investors. Many of them hope that after becoming the President, the entire crypto market of companies dealing with crypto trading can expand considerably due to favorable policies and state patronage from the federal government. It is also true that the current trends will continue because the overall political climate is favorable for Bitcoin and cryptocurrencies. The other cryptocurrencies such as Polkadot, and Ethereum will continue to benefit significantly from this upsurge. 

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Presidential Elections: Bitcoin Crosses $75,000 Mark After Trump’s Election Victory, Positive Impact on Indian Crypto Exchanges

presidential elections

The US Presidential elections are now over. The American electorate has again voted for Donald Trump and many people perceive it as good news for the cryptocurrency sector. It is undoubtedly true that Donald Trump during his political campaigns had been very vocally supportive of cryptocurrencies. He even remarked publicly that he wants to make the US the crypto capital of the planet. Bitcoin, the top most-traded cryptocurrency in the world, has surged by over $75,000.

Donald Trump’s Presidential Election Campaign Backed Cryptocurrencies

The 2024 Presidential Election campaign will remain a memorable event not just in American history but also in the history of cryptocurrencies. This is because he repeatedly expressed support for Bitcoin and promised favorable policies for the crypto sector. These are some of those policies that Trump enthusiastically made before his supporters during his election rallies.

  • National Crypto Stockpile

In July this year, Donald Trump made national headlines at the Bitcoin conference. He said that he wishes to see Bitcoin become the national crypto stockpile. This essentially implies that he would ensure that the US federal government uses Bitcoin as a stockpile that the government can never sell-off. This can have a positive impact on many crypto exchanges operating in India and the world. On the domestic front, it could lighten the US’s mounting debt burden.

  • Tough Action on Gary Gensler and SEC

Donald Trump had repeatedly chastised US Security and Exchange Commission chairman Gary Gensler. He also threatened to sack him on day one of his presidency. The main allegation against the institute is that Gensler has been too harsh on crypto firms. In his tenure, he has taken more than 100 actions against them, some of which have been devastating. Moreover, he also said in interviews that the sector should be under the jurisdiction of the SEC and lawsuits are only for enforcing compliance. 

  • Bitcoin Mining In America

Donald Trump had also promised that all Bitcoin would be mined in the US itself. This has enthused many Bitcoin mining executives. After a brief meeting with them, Trump wrote on X that he wants all the remaining Bitcoins to be made in the US. It will also help the country to become energy-dominant. 

  • Deduction on Federal Rates

The crypto sector has reacted positively to the victory of Donald Trump. Though the above reasons are significant, there is one particular reason that has enthused crypto investors worldwide. In August this year, Trump in his presidential election campaign had promised to lower interest rates of the Federal Reserve. This can lead to a surge in crypto prices and make it cheaper to borrow money. 

Final Thoughts

Donald Trump’s victory in the Presidential elections is already showing its positive impact on Bitcoin. If he keeps his word, then there is a huge possibility that the crypto companies will benefit across the world. The policies can encourage many users who are currently skeptical of cryptocurrencies in general. Moreover, it can also popularize the concept of decentralized finance (DeFi) since cryptocurrencies are an integral part of it. Along with state encouragement, the global financial sector may rapidly adapt to cryptocurrencies, in the same way it adapted to fiat currencies in the past.