Mumbai: Following Donald Trump’s win in the 2024 US elections, the cryptocurrency market witnessed a major surge, led by Bitcoin. The leading cryptocurrency traded at just under USD 70,000 on November 4, but in the days following Trump’s victory, it surged past the USD 80,000 threshold and ultimately hit a new peak of USD 89,000 on Monday, marking a 15 per cent increase in its value. The spike underscores investor confidence in Trump’s pro-Bitcoin stance, with many now speculating that Bitcoin may surpass the USD 100,000 mark by the end of 2024.
The cryptocurrency’s performance has been robust throughout the year, showing a 94 per cent growth amid increased demand for US exchange-traded funds (ETFs) and key rate cuts from the federal government. Bitcoin’s recent leap of 6.1% on Sunday set the stage for Monday’s record-breaking climb, driven largely by heightened interest following the election. Trump’s alignment with digital assets has bolstered investor optimism, with crypto enthusiasts viewing the win as a signal for potential policy shifts favouring the digital asset industry.
Trump’s consistent support for digital currencies and promises to establish the US as a central player in the digital assets market has resonated with investors. Bloomberg reported that crypto firms invested over USD 100 million in supporting crypto-friendly candidates in the run-up to the election. Following the win, Bitcoin has outperformed traditional assets like gold and stocks, drawing more investors to the booming crypto sector.
ETFs, such as the USD 35 billion iShares Bitcoin Trust from BlackRock Inc., have also seen significant inflows. Since Election Day, US crypto-backed ETFs recorded net flows exceeding USD 1.4 billion. Smaller tokens, including Dogecoin and Litecoin, have also enjoyed price increases since Trump’s victory, with Dogecoin surging by over 63% and Litecoin by more than 10% within the past week.
Additionally, crypto-related companies, like MicroStrategy, which holds Bitcoin in its reserves, and Coinbase, the largest US-based crypto exchange, have both experienced price hikes in the wake of Trump’s victory. On Monday, MicroStrategy and Coinbase each saw their trading prices climb over 22 per cent. Meanwhile, prominent crypto miners such as MARA Holdings and Riot Platforms reported share increases of 30 per cent and 18 per cent, respectively.
As Trump positions himself as a leader who supports Bitcoin and digital assets, investors appear eager to capitalise on a potentially favourable regulatory environment, fuelling a renewed surge in the cryptocurrency market.
(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling cryptocurrency, shares or subscriptions of any IPO and Mutual Funds.)
Bitcoin experienced a remarkable surge this week, exceeding the USD 80,000 mark and reaching an all-time high of USD 89,000. This leap comes on the heels of Trump’s 2024 election victory, with investors rallying in anticipation of a more crypto-friendly policy landscape in the US. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
