Bitcoin Breaks New All-Time High As Trump Wins 2024 Election
Nov 6 2024
Pro-Crypto Shift Shakes U.S. Political Landscape
Donald Trump clinched the presidency on November 6, 2024, with 277 electoral votes, surpassing the necessary 270. His return to the White House signals a seismic shift in U.S. politics, reinforced by a Republican sweep in Congress. Pro-crypto sentiment dominates the House with 247 representatives and the Senate boasting 15 staunch supporters.
Major crypto figures rallied behind Trump. Coinbase CEO Brian Armstrong lauded the "most pro-crypto Congress ever." Endorsements poured in from industry titans like Elon Musk, the Winklevoss twins, and prominent crypto founders from Gemini, Kraken, and Tron. This wave of support underscored a pivotal moment for blockchain technology and digital assets, with a clear mandate for innovation-friendly policies.
Bitcoin Soars, Altcoins Surge Amid Pro-Crypto Momentum
The market responded with a bullish roar, as an effect of the Trump trade narrative. Bitcoin surged to a record $75,390, driven by Trump’s pro-crypto agenda. Trading volumes exploded by 165.67% within 24 hours, liquidating $374 million in short positions. This rally propelled Bitcoin past Meta in global market cap rankings, securing the 9th spot.
Altcoins rode the wave, with Ethereum crossing $2,600, Solana climbing 14%, and Dogecoin jumping 19.4%. DeFi and memecoins led this surge, with blue-chip DeFi tokens like UNI and AAVE entering the leaderboard.
Analysts see the momentum pushing Bitcoin towards $80,000 or even $100,000 in the short term. Meanwhile, crypto-related equities saw impressive gains. MicroStrategy and Coinbase stocks climbed by 12%, while mining giants Riot Platforms and Marathon Digital Holdings added 10-12%. Tesla’s 15% surge reflected Musk’s influence, reinforcing crypto’s growing synergy with traditional equities. Tokyo’s Metaplanet surged 24%, highlighting a global bullish sentiment.
The U.S. dollar gained roughly 1-2% against major currencies, reaching its strongest level since July 2024. The Bloomberg Dollar Spot Index rose 0.9%. Gold, however, took a hit, dropping 3.1% in reaction to election results, underscoring shifting investment priorities.
Crypto Leaders Hail Trump’s Victory, Eye Bold Moves
The community lit up with reactions to Trump crypto impact. Anthony Pompliano called Trump the “first Bitcoin President,” underscoring his pro-crypto stance. Nic Carter of Castle Island Ventures described the election outcome as the “greatest comeback story of all time,” while Jameson Lopp of Casa declared it a pivotal moment for Bitcoin, stating, “Bitcoin was born to operate in an adversarial environment. Foolish politicians thought they could wage war against us. Today they received our response.”
Elon Musk hinted at the creation of a “Department of Government Efficiency,” cleverly linking its acronym to Dogecoin, further fueling DOGE’s surge. Samson Mow, CEO of Jan3, predicted Trump’s presidency would usher in an era of nation-state Bitcoin adoption and strategic reserves. Bitcoin Magazine CEO David Bailey echoed this optimism, stating, “The people have spoken. Tomorrow we start work on fixing the money.”
Calls for clemency for Ross Ulbricht gained renewed momentum. Erik Voorhees urged Trump to follow through on his promise to commute Ulbricht’s sentence, a sentiment echoed by OG Bitcoiners Michael Goldstein and Amir Taaki. Taaki, reflecting on Ulbricht’s influence, remarked, “I owe everything to Ross Ulbricht. Crypto changed my life. He made the ultimate sacrifice. We all benefited from his work.”
Brian Armstrong of Coinbase captured the broader sentiment, stating simply, “Being anti-crypto is bad politics.”
However, not everyone was optimistic. Nick Johnson, founder of Ethereum Name Service, criticized Trump’s legal controversies, stating, “Glad I don't live in the U.S. today, but gladder I don't live in Ukraine. The U.S. just elected a convicted felon who stole top secret documents and hid them in his bathroom. Forgive me for not seeing the silver lining.”
Former diplomat Brandon Possin blamed Gary Gensler’s stringent enforcement policies for the Democratic losses, while Ethereum educator Anthony Sassano said, “The day that Gensler gets fired should be a national holiday for the crypto ecosystem.”
Coinbase’s Chief Legal Officer, Paul Grewal, urged the SEC to heed the election’s message: “On many, many issues, the voters said loud and clear that they want change. Crypto is no exception.”
Ledger’s Head of Policy, Seth Hertlein, hailed the election as a milestone, stating, “We are now seeing across political lines that the force of crypto is undeniable.” Dennis Porter went further, proclaiming the anti-Bitcoin movement in the U.S. “dead.”
Anthony Scaramucci congratulated Trump on a well-executed campaign despite his initial support for Kamala Harris. Mark Cuban, known for his sharp critiques, also extended a gracious congratulations.
Caution Amid Optimism: Analysts Urge Strategic Approaches
Market analysts urged restraint amid the euphoria. CryptoQuant CEO Ki Young Ju warned against FOMO-driven investments, predicting a moderate 30-40% price uptick. He emphasized the importance of gradual profit-taking, noting diminishing returns compared to previous bull runs. Bitwise’s André Dragosch pointed to pending crypto ETFs as potential growth drivers, while highlighting the importance of regulatory clarity.
Experts anticipate increased volatility but remain optimistic about crypto’s role in diversified portfolios. With pro-crypto leadership poised to influence key regulatory agencies, long-term investors are positioning for sustained innovation and growth. Despite the excitement, market watchers advise cautious strategies, emphasizing that the path forward is as volatile as it is promising.
This article has been refined and enhanced by ChatGPT.
