Bitcoin Surges Past $82,000 for the First Time in Historic ‘Trump Pump’ Rally!
Traders Anticipate Crypto-Friendly Policies as President-Elect Eyes White House Return.
Bitcoin Soars Past $82,000 as Traders Bet on Trump’s Crypto-Friendly Stance
Meanwhile, cryptocurrencies have soared since Trump’s win. Ethereum and Dogecoin, the latter a meme coin famously endorsed by Tesla’s Elon Musk—now a Trump supporter—saw rising prices as Musk’s own wealth spiked by $26.5 billion after the election result.
In a significant move, Trump backed a cryptocurrency project led by his family, World Liberty Financial, a step that could raise ethical questions should he pursue deregulation of digital assets. His son, Donald Trump Jr., has touted cryptocurrency as an alternative to a traditional banking system he claims is biased against conservatives. The new wave of crypto enthusiasm reflects both market optimism and growing interest in alternative finance under Trump’s anticipated policies.
Trump’s Promise to Fire SEC Chairman Sparks Surge in Crypto Stocks
Ronald Temple, Chief Market Strategist at Lazard, recently highlighted a bold promise made by Donald Trump during his campaign: to remove Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission (SEC), “on day one” of his presidency. Gensler has been known for advocating tighter regulations on cryptocurrencies, a stance that has drawn significant attention from both the crypto community and investors alike.
This potential shift in leadership could have a major impact on the market, with cryptocurrency-related stocks already showing signs of optimism. For instance, Coinbase, one of the leading crypto exchanges, has surged by 40% since the election results were announced. The momentum continued, with the exchange’s share price climbing another 16% in pre-market trading. Similarly, MicroStrategy, a software firm led by a major Bitcoin investor, saw a 12% boost in its stock price during early trading hours.
This market reaction underscores the growing belief that a regulatory overhaul could breathe new life into the cryptocurrency sector, providing a more favorable environment for both exchanges and crypto-related companies.
Bob Savage, Head of Markets Strategy at BNY Mellon, recently noted that the surge in Bitcoin’s price is one of the standout “Trump trades,” reflecting the broader mood in the markets as investors weigh the potential impact of the election. The growing belief that a Trump presidency could be favorable for cryptocurrencies is gaining traction.
Matt Simpson, Senior Market Analyst at City Index, even coined the term “Trump pump” to describe the rising crypto prices, as traders bet that the president-elect will promote greater cryptocurrency adoption.
Bitcoin’s price movements closely mirrored Trump’s vote share in polls during the election against Kamala Harris, dipping below $70,000 on Election Day but skyrocketing nearly 20% since then. Some analysts are now speculating that Bitcoin could cross the $100,000 mark this week, adding fuel to the excitement surrounding the crypto market.
As Bitcoin’s value soars, interest in cryptocurrencies is surging. According to Google Trends, searches for “Bitcoin” are at their highest since March, signaling that the crypto buzz is back. While it’s still far from the peak seen in May 2021, when investment banks took a serious interest, this current wave of enthusiasm could signal the start of another bullish phase.
