Il Bitcoin reached a new all-time high on the day of US presidential electionDriven by positive emotions derived from the now possible victory Trump And with the clear support the Republican candidate has shown for the cryptocurrency sector. Virtual currency arrived today i 75 thousand dollars.
Bitcoin results after Trump’s win
Bitcoin continues to rise due to recent developments in the US. The cryptocurrency, which has crossed the $75,000 mark thanks to expectations of possible regulatory easing if Donald Trump wins, has gained 9% in the past 24 hours.
During the 2024 US election campaign, Trump promised to make the United States “The World Capital of Bitcoin and cryptocurrencies”, proposing a more favorable regulatory framework, in stark contrast to the Biden administration, which opted for more stringent regulation of the sector.
News that the former president’s party had won control of the Senate boosted expectations of massive tax cuts, tariff hikes and deregulation, boosting the dollar. The euro slipped to 1.0703 against the dollar, down 1.79 percent, while the dollar rose 1.48 percent to 153.86 against the yen.
The Complicated Relationship Between Trump and Bitcoin
Many investors see former President Trump as a more cryptocurrency-friendly candidate than Kamala Harris, but his position has been different in the past. In 2021, in an interview with Fox News, Trump called bitcoin a “scam” and declared that cryptocurrencies needed to be further regulated to avoid interfering with US markets, adding that “The world currency should be the dollar.”
However, as the 2024 elections approach, his stance has softened: in August he expressed his desire to make the United States the cryptocurrency capital of the planet. So much so that it launched in recent weeks. World Liberty Financiala platform that Trump touted as a new chapter for cryptocurrencies in the United States. “For too long the average American has been crushed by banks and financial elites – Trump declared in a note – now is the time to stand together”. However, the platform’s launch was not entirely convincing, attracting a lower-than-expected audience, also due to the official website crashing.
Not only that; Trump has promised to remove the chairman of the Securities and Exchange Commission (SEC). Gary Gensler, Accused of pressuring cryptocurrencies with a hardline attitude throughout his tenure. In contrast, Kamala Harris took a more balanced approach, announcing her commitment to enacting regulation of the cryptocurrency sector, but with a less harsh tone than Gensler.
The rise of other virtual currencies
Not only is Bitcoin rising; too Ethereum is increasing, which is increasing. 2.37% reaching $2,578.51, but the most interesting bullish trend concerns memecoins.
Dogecoin An increase of more than 22% While Sheba Anu Went up dell’8%. As is known, Elon Musk is one of the main backers of Dogecoin, and he already made a rush to buy the cryptocurrency after buying Twitter. The South African businessman was also one of Trump’s key investors and supporters, and is currently running for a spot in the tycoon’s administration.
