Trump's 2024 Victory Triggers Crypto Frenzy, Bitcoin Hits Record Highs
Bitcoin Soars to New Heights Amid Trump’s Electoral Victory
LONDON (AP) — Bitcoin surged to unprecedented levels on Wednesday, soaring past $75,000, as investors eagerly speculated that a potential victory for former President Donald Trump in the upcoming U.S. presidential election could drive further growth in the cryptocurrency market.
The digital asset, which had previously set its all-time high in March, jumped nearly 8% in early trading, sparking a wave of optimism across the crypto space. Following Bitcoin’s rally, ether — the second-largest cryptocurrency — also saw a significant boost, climbing by 8%, as market confidence surged across the board.
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Dogecoin Soars as Trump Embraces Cryptocurrency
In an exciting surge, Dogecoin skyrocketed by 18%, fueled by its backing from billionaire Elon Musk — one of Donald Trump’s most vocal supporters.
Once a skeptic of digital currencies, Trump has had a remarkable change of heart, fully embracing cryptocurrencies as the 2024 election heats up.
The former president has promised to transform the U.S. into the “crypto capital of the world” and has ambitious plans to create a “strategic reserve” of Bitcoin. His campaign not only accepts cryptocurrency donations but also actively engaged with crypto enthusiasts at a Bitcoin conference this past July. Furthering his commitment, Trump launched World Liberty Financial, a new family-run venture focused on cryptocurrency trading.
Bitcoin Surges 77% in 2024 as Market Eyes $100K Milestone
Bitcoin has surged an impressive 77% this year, sending shockwaves through the crypto market as the 2024 election unfolds.
Russ Mould, investment director at AJ Bell, a leading British investment platform, believes that Bitcoin was destined to soar if Donald Trump made a comeback to the White House. “Bitcoin is the one asset that was always going to rise if Trump returned,” Mould remarked. Following its recent high, market experts are now speculating about “when, not if,” Bitcoin will surpass the $100,000 mark, with optimism running high as Trump’s policies continue to fuel investor confidence.
Bitcoin Surges as Trump’s Crypto Support Sparks Market Optimism – But Risks Remain
Bitcoin has soared by an impressive 77% this year, with the digital currency gaining momentum as Donald Trump‘s return to the political stage ignites renewed interest in the crypto space.
Russ Mould, investment director at AJ Bell, a British investment platform, stated, “Bitcoin is the one asset that was always set to climb if Trump returned to office.” With its recent highs, market watchers are now focused on the question of when, not if, Bitcoin will surpass the $100,000 threshold. “Trump has already expressed his admiration for digital currency, and now crypto traders have a new narrative that could drive even more excitement about its potential,” Mould added.
However, not all experts share the same enthusiasm. Susannah Streeter, head of money and markets at Hargreaves Lansdown, warned, “Investors should only invest what they’re willing to lose, given the history of extreme price fluctuations we’ve seen.”
Despite these cautionary notes, many within the crypto industry are optimistic about Trump’s victory, hoping his administration will push through much-needed legislative and regulatory reforms that have been long sought after by the sector.
Trump’s Crypto Promise and Industry Reaction: A New Era Ahead
During his campaign, Donald Trump pledged to remove Gary Gensler, the chair of the Securities and Exchange Commission (SEC), who has been at the forefront of the U.S. government’s crackdown on the crypto industry. This promise has garnered significant attention from crypto supporters, hopeful for a shift in regulatory stance.
“Tonight, the crypto voter has spoken decisively — across party lines and in key races,” said Brian Armstrong, CEO of Coinbase, one of the largest cryptocurrency exchanges. “Americans care deeply about crypto and are demanding clear, fair rules for digital assets. We are eager to collaborate with the new Congress to make that happen,” Armstrong shared on X (formerly Twitter).
Meanwhile, Susannah Streeter suggested that under Trump’s leadership, the crypto industry could expect a “light-touch regulation” approach, offering a more favorable environment for digital assets.
“Certainly, that’s what crypto enthusiasts are hoping for,” said Streeter. “They’re eager for the legitimacy that could come with clear regulations, but without burdensome rules that could stifle opportunities and innovation.”
