The cryptocurrency rose as much as 4.3% to an unprecedented $79,771 on Sunday and remained close to $79,000 as of 2:05 pm in Singapore. Smaller tokens like Cardano and meme-crowd favorite Dogecoin also rallied.
Trump vowed on the campaign trail to put the US at the center of the digital-asset industry, including creating a strategic bitcoin stockpile and appointing regulators interested in digital assets. He emerged from Tuesday’s election in a stronger position than expected – his Republican Party controls the Senate and is on the verge of a narrow majority in the House.
“With the dust of Trump’s victory still settling, it was only a matter of time before there was some kind of run-up given the perception that there was a pro-Trump crypto, and that’s what we’re seeing now,” Le Shi said. , managing director of Hong Kong market-making firm Oros.
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Bitcoin has added nearly 90% so far in 2024, driven by strong demand for dedicated US exchange-traded funds and interest rate cuts by the Federal Reserve. The rise in the largest digital token, which hit fresh records after the US vote, outpaced returns from investments such as stocks and gold.
ETFs managed by BlackRock Inc.’s $35 billion iShares Bitcoin Trust posted a record daily net inflow of nearly $1.4 billion on Thursday, according to data compiled by Bloomberg. A day earlier, the iShares ETF’s trading volume hit an all-time high — all signs of how Trump’s victory is reshaping crypto.
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Trump’s stance contrasts with a crackdown on digital assets under President Joe Biden. Securities and Exchange Commission Chairman Gary Gensler has repeatedly described the sector as rife with fraud and misconduct. The agency turned the screws on crypto following a litany of 2022 market routs and collapses, most notably the bankruptcy of Sam Bankman-Fried’s fraudulent FTX exchange.
Digital-asset companies and executives spent heavily during the US election campaign to promote candidates deemed favorable to their interests.
“Trump has promised supportive regulation, and a sweep of the House and Senate makes passage of the crypto bill more likely,” wrote Noel Acheson, author of the Crypto Is Macro Now newsletter.
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